E-World Co., Ltd. announced that it expects to receive KRW 220.79999936 billion in funding
December 09, 2018
Share
E-World Co., Ltd. (KOSE:A084680) announced a private placement for aggregate gross proceeds of KRW 220,799,999,360 on December 10, 2018. The company will issue 51,296,296 redeemable convertible preferred stock of par value KRW 1,000 issued at KRW 2,160 per share for gross proceeds of KRW 110,799,999,360 and 2nd series unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 110,000,000,000. The bond is issued at 10.91% coupon rate, 10.91% maturity rate and will mature on January 30, 2049. The bonds can be 100% converted into 39,355,992 common shares for 43.48% stake of the company at a fixed conversion price of KRW 2,795 per share. The conversion period is from January 31, 2020 to December 30, 2048. The transaction will include participation from MRI No. 1 Co., Ltd. The shares will be issued through a third party allotment method. The preferred stock is convertible into 51,296,296 common shares of the company at a conversion ratio of 1:1. The conversion period is from February 3, 2020 to December 29, 2028 and the redemption period is from July 30, 2021 to January 30, 2029. The shares issued are subject to a lock-up period of 12 months from the date of closing. The transaction has been approved by the board of directors of the company. The transaction is expected to close by January 30, 2019.
E-WORLD CO.,LTD. is a Korea-based company engaged in the operation of amusement facilities. The Company operates amusement facilities such as ghost houses, aladdins, flume rides, Andersen house, Vikings, tambourines, sky cabs, roller coasters, merry-go-round, eagle formations, bumper cars, boomerangs, balloons travels, flying elephant, mini Vikings, magic trains, jumping frogs, dancing airplanes, mini cars, camel backs, top spins, ice rinks and animal farms, as well as 83 tower. It also holds four seasons flower festivals and seasonal festivals such as summer night festival, autumn chrysanthemum festival, winter white festival and others. The Companyâs affiliated company is engaged in the operating of cruise ships, inland marine transportation, food service business and cooking retail business.
E-WORLD CO.,LTD. 
