Victek Co., Ltd. announced that it expects to receive KRW 10 billion in funding
July 20, 2018
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Victek Co., Ltd. (KOSDAQ:A065450) announced a private placement of 1st series unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on July 20, 2018. The transaction included participation from Soosung KOSDAQ Venture Privilege Hedge Fund, Soosung KOSDAQ Venture PLUS Multi Strategy Hedge Fund, A1 Prime Public Stock KOSDAQ Venture Hedge Fund, A1 Mezzanine Public Company KOSDAQ Venture Hedge Fund, A1 Gran Prix KOSDAQ Venture Hedge Fund, A1 Value Up KOSDAQ Venture Hedge Fund, A1 Convertible KOSDAQ Venture Hedge Fund, A1 B-Type Premium Hedge Fund, A1 Premium KOSDAQ Venture Hedge Fund, Pine Asia A1 Value Up Mezzanine Hedge Fund, Platform Partners Smart Venture Hedge Fund 1, Platform Partners Smart Venture 80 Hedge Fund 1, Platform Partners Smart Venture 70 Hedge Fund 1, GVA Universe Hedge Fund, GVA Mezz-V Hedge Fund, GVA KOSDAQ Venture Hedge Fund, GVA KOSDAQ IPO-I Hedge Fund, Ace Venture Capital Fund No. 3, Ace Soosung Venture Capital Fund 4, Pine Asia Fund, Synergy - Shinhan Mezzanine New Technology Fund, Orion KOSDAQ Venture Hedge Fund 10, Orion KOSDAQ Venture Hedge Fund 17. The bonds will mature on July 27, 2023. The bonds carry a coupon rate of 0% and yield to maturity of 2%. The bonds are 100% converted into 3,430,531 common shares for 14 % stake of the company at a fixed conversion price of KRW 2,915 per share. The conversion period of the securities is from July 27, 2019 to June 27, 2023. The subscription date is July 24, 2018. The transaction is expected to close on July 27, 2018. The transaction has been approved by the board of directors of the company.
VICTEK Co., Ltd. is a Korea-based company mainly engaged in the provision of military systems and power supply systems. Its power supply systems are used for telecommunication, orbital weapons and electronic warfare systems. The Company offers electronic systems used for navy vessels and aircrafts, such as FLIR SEU systems, which are system processors for mobilizing helicopter equipment to provide infrared ray images, FO DMD systems, which transmit and receive location and image information with wired and wireless communications, direction finding systems, as well as digital frequency discriminators. It also develops radio frequency identification (RFID) systems, public bike systems, real time location systems, as well as solar inverters.