Metalabs Co., Ltd. announced that it expects to receive KRW 3 billion in funding from Sequoia Investments Ltd.
August 31, 2018
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Metalabs Co., Ltd. (KOSE:A090370) announced a private placement of 10th series private registered convertible bonds for gross proceeds of KRW 3,000,000,000 on August 1, 2018. The bonds carry 3% yield to maturity and do not carry any coupon. The bonds will mature on August 30, 2023. The bonds are 100% convertible at fixed conversion price of KRW 5,337 per share into 562,113 shares. The conversion period will start on August 30, 2019 and will end on July 30, 2023. The transaction has been approved by the board of directors of the company. The subscription date is August 1, 2018 and the payment date is August 30, 2018. The transaction includes participation from Sequoia Investments Ltd. for KRW 3,000,000,000.
METALABS CO., LTD., formerly AVISTA INC., is a Korea-based company mainly engaged in the casual apparel business. The Company produces and sells casual apparel and accessories under the brand of BNX, which is feminine and romantic character for women in their twenties; TANKUS, which is casual apparel with detailed design and dynamic color and fabrics; eryn brinie, which is soft and simple character casual apparel, and Kai-aakmann, which is feminine and masculine look character for men and women in their twenties. In addition, it is engaged in the overseas wholesale and retail of products through its affiliates in Shanghai, New York and Milano.
METALABS CO., LTD. 
