ORIENT BIO Inc. announced that it expects to receive KRW 30 billion in funding
April 14, 2017
Share
ORIENT BIO Inc. (KOSE:A002630) announced a private placement of 12th series domestic unregistered coupon unguaranteed bonds for gross proceeds of KRW 30,000,000,000 on April 14, 2017. Eugene investment & Securities Co., Ltd will act as a placement agent to the company. The bonds are issued at par and do not bear any interest. The bonds have a yield to maturity of 3% and would mature on May 16, 2021. The company also issue warrants in the transaction and they will be exercised into 24,896,265 shares at an exercise price of KRW 1,205 between the period of June 16, 2017 to April 16, 2021. The subscription date is May 11, 2017. The payment date is May 16, 2017. The transaction has been approved from board of directors of the company.
ORIENT BIO Inc. is a Korea-based company engaged in the biotechnology area. The Company produces and supplies laboratory animals, including mice, rats, guinea pigs, hamsters, specific pathogen free (SPF) rabbits, beagles and others. It also provides contract research organization (CRO) services, including CRO safety assessment and CRO new drug development services; medical and library equipment, such as barrier systems, and support services such as rodent surgery services, laboratory diagnostics services, transgenic services, genetic testing services and other services. In addition, along with its subsidiaries, the Company provides feeds, reagents, disinfectants, automobile components, power supply equipment, and other machines.