Leenos Corp. announced that it expects to receive KRW 5 billion in funding from Ace Investment Finance Co., Ltd., Investment Arm, KB Securities Co., Ltd., Investment Arm, Infinity Investment Advisory Co.,Ltd.
November 29, 2021
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Leenos Corp. announced a private placement of series 5 non-guaranteed private equity convertible bonds with bearer type interest part for a gross proceeds of KRW 5,000,000,000 on November 30, 2021. The transaction will include participation from new investors, Ace Investment Finance Co., Ltd., Investment Arm for KRW 1,500,000,000, Fine Value Mezzanine Plus Specialized Investment Criminal Securities Investment Trust ; a fund managed by KB Securities Co., Ltd., Investment Arm for KRW 2,000,000,000, Infinity Investment Advisory Co.,Ltd. for KRW 1,500,000,000. The bonds carry a coupon rate of 0%. The bonds will mature on December 02, 2026. The bonds will be 100% converted into 4,163,197 common shares at a fixed conversion price of KRW 1,201 per share for an equity stake of 9.55%. The conversion period is from December 02, 2022 to November 02, 2026. The payment date of the transaction is December 02, 2021. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company.
Polaris AI Corp, formerly Leenos Corp, is a Korea-based company principally engaged in the distribution of casual bags and provision of communication equipment solutions. The Company operates its business through two segments. The Fashion and Culture (F&C) segment mainly distributes women's casual bags under the brand name of Kipling and backpacks under the brand of EASTPAK. The Information Technology (IT) segment mainly provides system construction, IT consulting and maintenance services for public security, transportation institutions, financial and wireless communication industries. The Company also engages in the real estate leasing business. The Company mainly distributes its bags products through department stores, duty free stores and outlets.
POLARIS AI CORP. 
