KANGLIM Co., Ltd. announced that it expects to receive KRW 29.999997632 billion in funding
January 17, 2019
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KANGLIM Co., Ltd. (KOSDAQ:A014200) announced a private placement of 4,145,936 common shares at an issue price of KRW 2,412 per share for gross proceeds of KRW 9,999,997,632, and series 2 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 20,000,000,000, aggregate proceeds of KRW 29,999,997,632 on January 17, 2019. The transaction will involve participation from Chakhan E-Invest Co., Ltd. The face value of shares is KRW 500. The company will issue shares at a discount of 10%. The bond is issued at 1% coupon rate, 3% yield to maturity and will mature on April 5, 2022. The bonds are fully convertible into 7,334,066 common shares for 12.88% stake of the company at a fixed conversion price of KRW 2,727 per share. The conversion period of the bonds is from April 5, 2020 to April 5, 2022. The company will issue shares through third-party allotment method. Post the closing, the total number of shares issued by the company will increase from 49,624,189 shares to 53,770,125 shares. The securities issued will have a lock-up period of 12 months from the date of issuance. The payment date is April 5, 2019. The transaction has been approved by the board of directors of the company.
KANGLIM Co., Ltd is a Korea-based company mainly engaged in the manufacture and distribution of special vehicles and cranes. The Company operates its business in two divisions: special purpose vehicle division, which produces fire fighting trucks such as fire pumpers, chemical fire fighting trucks, water tank fire trucks, rescue trucks and others, environmental work vehicles such as road sweepers, high pressure water spray trucks, garbage compactors and others, and electrical work vehicles such as mobile generator trucks, auger cranes and others, as well as crane division, which produces stick boom cranes and knuckle boom cranes under the brand names of KS, KN and others. The Company distributes its products within domestic market and to overseas markets.
KANGLIM CO., LTD 
