Glosfer Labs, Inc. announced that it expects to receive KRW 15 billion in funding
September 29, 2019
Share
GMR Materials Co., Ltd. (KOSDAQ:A032860) announced a private placement of 9th bearer no-guaranteed private bond for gross proceeds of KRW 5,000,000,000 and a private placement of 10th bearer bond free private bonds for gross proceeds of KRW 10,000,000,000 for an aggregate gross proceeds of KRW 15,000,000,000 on September 30, 2019. The 9th bonds being issued are 100% convertible into 10,000,000 shares of the company representing 14.80% of the total shares at a conversion price of KRW 500 per share starting November 29, 2020 till October 29, 2022. The payment date of 9th bonds is November 29, 2019. The transaction involved participation from Crypto Eye for KRW 5,000,000,000. The 9th bonds will bear an interest rate of 2% per annum. The transaction has been approved by the board of directors of the company. The 9th bonds will mature on November 29, 2022. The 10th bonds being issued at a interest rate of 3% per announce and are 100% convertible into 20,000,000 shares of the company representing 29.60% of the total shares at a conversion price of KRW 500 per share starting January 30, 2021 till December 30, 2022. The payment date of the 10th bond is January 30, 2020. The transaction involved participation from Cornerstone Alliance Fund for KRW 7,000,000,000 and Crypto Eye for KRW 3,000,000,000. The 10th bonds will mature on January 30, 2023.
Glosfer Labs, Inc., formerly GMR Materials Co., Ltd., is a Korea-based company principally engaged in the iron scraps distribution business. The Company operates its business through two segments. The Metal and Nonmetal Raw Material Recycling Business segment engaged in the distribution of steel scraps used for steelmaking. The segment also builds and operates container shipping systems. The Fire Door Business segment manufactures, sells and constructs fire doors used in power plants, plants, apartments and buildings. The Company sells its products within domestic market and to overseas markets.
THE LAMY CO., LTD. 
