Welcron Kangwon Co., Ltd. announced that it expects to receive KRW 5 billion in funding from Synergy Asset Management Co., Ltd.
November 15, 2017
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Welcron Kangwon Co., Ltd. (KOSDAQ:A114190) announced a private placement of series 2 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 5,000,000,000 on November 16, 2017. The transaction will involve participation from new investor Synergy Asset Management Co., Ltd. for gross proceeds of KRW 2,200,000,000, Rico –Synergy Collaboration Multi-Mezzanine Hedge Fund 1 for KRW 1,100,000,000, and Rico –Synergy Collaboration Multi-Mezzanine Hedge Fund 2 for KRW 1,000,000,000. The bonds carry no coupon rate and a yield to maturity of 2%. The bonds will be fully convertible into 1,811,594 common shares of the company from November 17, 2018 to October 17, 2022. The bonds will mature on November 17, 2022. The expected payment and subscription date of the transaction is November 17, 2017. The transaction was approved by the board of directors of the company.
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.