The Hanryu Times Co., Ltd. announced that it expects to receive KRW 6.5 billion in funding from Seoul Newspaper STV Co., Ltd., Seoul STV News Co., Ltd.
The Hanryu Times Co., Ltd. (KOSDAQ:A039670) announced a private placement of 13,000,000 shares at an issue price of KRW 500 per share for gross proceeds of KRW 6,500,000,000 on June 23, 2020. The transaction will include participation from Seoul Newspaper STV Co., Ltd. for 12,800,000 shares and Seoul STV News Co., Ltd and 200,000 shares. The shares have a face value of KRW 500 per share. The company will issue shares using third party allotment method. The transaction has been approved by the board of directors of the company and also by Seoul rehabilitation court in accordance with the Act on the rehabilitation and bankruptcy of debtors. The transaction has a payment date of June 25, 2020.