Fasoo.Com, Inc. announced that it expects to receive KRW 7 billion in funding from Susung Asset Management Co., Ltd., HisStory Investment Management, and other investors
Fasoo.Com, Inc. (KOSDAQ:A150900) announced a private placement of of third unregistered/unsecured coupon unguaranteed private convertible bonds for gross proceeds of KRW 7,000,000,000 on September 27, 2016. The transaction will include participation from new investors Susung Asset Management Co., Ltd., for KRW 4,000,000,000, HisStory Investment Management for KRW 1,000,000,000, IBK Investment Advisory for KRW 1,000,000,000, and another investor for KRW 1,000,000,000. The bonds will mature on September 29, 2021. The bonds will carry zero coupon rate and yield to maturity of 1%. The bonds will be 100% convertible into common shares of the company at a fixed conversion price of KRW 6,880 per share from September 29, 2017 to August 29, 2019. The board of directors of the company approved the transaction. The subscription and payment date is September 29, 2016.