Tomorrow Energy Co., Ltd. announced that it expects to receive funding from Welcron Kangwon Co., Ltd.
April 30, 2014 at 05:00 am
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Tomorrow Energy Co., Ltd. announced that it signed a letter of intent with new investor, Welcron Kangwon Co., Ltd. for a private placement on April 30, 2014.
On May 7, 2014, the company entered into an agreement with the investor and signed the contract. On the same date, the company received KRW 225,900,000 separately from the 10% of the contract price and KRW 51,000,000 as collateral for the contract. As part of the transaction, the investor bought 4,046 shares in the company.
On June 11, 2014, the company announced that it will issue 763,800 shares at KRW 5,000 per share for gross proceeds of KRW 3,819,000,000. The company will receive the funding from new investor, Welcron Kangwon Co., Ltd. As part of the transaction, the investor will acquire 100% stake in the company. The transaction was approved by the board of directors on the same date. The transaction is expected to close by August 20, 2014. The company reported total assets if KRW 4,864,000,000, total stockholder's equity of KRW -16,025,000,000, revenues of KRW 1,404,000,000, and net loss of KRW 1,035,000,000 for the financial year ended 2013.
On August 20, 2014, the company amended the terms of the transaction. The schedule investment date of the transaction has been amended from August 20, 2014 to September 20, 2014.
Kangwon Energy Co Ltd, formerly Kangwon Co Ltd is a Korea-based company engaged in the manufacture and sale of industrial plant equipment. The Company operates its business through Industrial Plant Equipment segment. The Industrial Plant Equipment segment manufactures and sells industrial boiler equipment, chemical equipment, and environmental energy equipment, such as water pipe boilers, auxiliary power boilers, sulfur recovery equipment, thermal fluid boilers, and waste heat recovery equipment. The Company distributes its products in both domestic and overseas markets.