1101324 B.C. Ltd. announced that it has received CAD 21.64 million in funding from Nuri Telecom Co., Ltd.
May 04, 2017
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1101324 B.C. Ltd. announced a private placement of 21,640,000 common shares at a price of CAD 1 per share for gross proceeds of CAD 21,640,000 on May 4, 2017. The transaction involved participation from returning investor Nuri Telecom Co., Ltd. (KOSDAQ:A040160), who will still hold 100% stake in the transaction. Post the closing of the transaction, the shares issued by the company will increase from 1,100,100 to 22,740,100. The transaction was approved by the board of directors of the company.
NuriFlex Co Ltd, formerly Nuri Telecom Co Ltd, is a Korea-based company principally engaged in the advanced metering infrastructure (AMI) business. The Company operates its business through four segments. The Electric Power Internet of Things (IoT) Business segment is engaged in the development and supply of AMI solutions. The Public IoT Business segment is engaged in green new deals business such as microgrid, energy efficiency and smart city, among others. The Industrial IoT Business segment provides barcode and radio frequency identification (RFID) system solutions related to logistics automation systems. The Other segment provides network application system (NAS) center.