Cronex Co., Ltd. announced that it expects to receive KRW 4 billion in funding from KDB Capital Corporation, Investment Arm, Hanbit Investment Co., Ltd., KDB Private Equity, Wooshin Venture Investment Corp.
August 09, 2016
Share
Cronex Co., Ltd. announced a private placement of 243,160 registered redeemable convertible preferred shares at a price of KRW 16,450 per share for gross proceeds of KRW 3,999,982,000 on August 9, 2016. The transaction will include participation from new investors, KDB Capital Corporation, Investment Arm for 121,580 preferred shares, Hanbit Investment Co., Ltd. for 30,395 preferred shares, KDB Private Equity for 60,790 preferred shares, Wooshin Venture Investment Corp. for 30,395 preferred shares. The company will issue preferred shares at premium of KRW 15,950. The investors will acquire 16.284926% stake in the company upon conversion. The securities will be issued by way of third party allotment. The transaction has been approved by the board of directors of the company. The preferred shares are convertible into common shares of the company. The eligibility date for dividend payout is January 1, 2016. The payment date of the transaction is August 12, 2016. The preferred shares are redeemable during August 12, 2019 to August 10, 2026. The transaction has been approved by the board of directors of the company.
CRONEX Co,. Ltd. is a Korea-based company mainly engaged in the manufacture of species. The Company's product portfolio consists of species including mini pigs and others. The Company is a contract research organization (CRO). The Company also researches and develops medicines.
Cronex Co., Ltd. announced that it expects to receive KRW 4 billion in funding from KDB Capital Corporation, Investment Arm, Hanbit Investment Co., Ltd., KDB Private Equity, Wooshin Venture Investment Corp.