Y2Books Co., Ltd. announced that it has received KRW 1.50 billion in funding from Young Poong Corp. and other investors.
January 14, 2014 at 11:00 pm EST
Y2Books Co., Ltd. announced a private placement of 3,000,000 common shares at KRW 500 per share for gross proceeds of KRW 1,500,000,000 on January 3, 2014. The transaction will involve participation from all the existing shareholders of the company. The company will issue 0.5 share for each share held by the investor. On the same date, the board of directors of the company approved the transaction. The subscription period for the shares is from January 13, 2014 to January 15, 2014 and the payment date of the transaction is January 15, 2014.
On January 9, 2014, the company announced that the transaction will include participation from existing investor, Young Poong Corp., which will invest for 1,500,000 shares in the transaction. The investor will continue to hold 50% stake in the company.
On January 15, 2014, Y2Books Co., Ltd. closed the transaction.