Microtech Co.,Ltd announced that it expects to receive KRW 18.799998856 billion in funding
January 09, 2019
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Microtech Co.,Ltd (KOSDAQ:A227950) announced a private placement of series 1 unregistered unguaranteed private non-detachable bonds with warrants for gross proceeds of KRW 9,999,999,676, series 2 for gross proceeds of KRW 3,799,999,842 and series 3 unregistered private convertible bond for gross proceeds of KRW 4,999,999,338; for aggregate gross proceeds of KRW 18,799,998,856 on January 10, 2019. The transaction will include participation from new investor OSK Fund 1 for series 1 bonds, Little Investment Find 1 for series 2 bonds and L&C Corporation for series 3 bonds. The coupon rate of bonds is 2% and yield to maturity is 3%. The maturity date of series 1, series 2 bonds, and series 3 bonds is February 28, 2022, January 31, 2022, and February 28, 2022, respectively. The series 2 and series 3 bonds are 100% convertible into 6,119,610 shares of the company at a conversion price of KRW 1,438, representing 27.68% stake in the company. The series 2 bonds are convertible from January 31, 2020 to December 30, 2021 and series 3 bonds are convertible from February 28, 2020 to January 27, 2022. The warrants issued with series 1 bonds are fully exercisable into 6,954,102 shares representing 26.79% stake in the company at a price of KRW 1,438 per share from February 28, 2020 to January 27, 2022. The subscription date is January 10, 2019. The payment date for series 1 bonds is February 28, 2019, series 2 bonds is January 31, 2019 and series 3 bonds is February 28, 2019. The transaction has been approved by the board of directors of the company.
N2tech Co Ltd, formerly Microtech Co Ltd, is a Korea-based company principally engaged in the manufacture and sale of semiconductor equipment components. The Company operates its business through four segments. The Semiconductor Equipment Component segment produces and sells products such as vacuum valves, semiconductor equipment components, and system equipment, and provides after-sales services. The Light Emitting Diode(LED) Cheerleader and Merchandising(MD) Product segment manufactures products consisting of LED cheerleaders and MD products. The Entertainment segment is engaged in the production and sale of broadcast programs and entertainment management business. The Mask Manufacturing segment is engaged in the manufacture and sale of masks.