M2N to raise 10 bln won via stock sale

M2N-capital increase

M2N to raise 10 bln won via stock sale

SEOUL, April 12 (Yonhap) -- M2N Co.on Wednesday announced that it will sell stock to raise 10 billion won (US$7.5 million). The proceeds from the stock offering will be used primarily to pay off its debts.

According to a regulatory filing, the company will issue some 2 million preferred shares at a price of 4,910 won per share. The stock will be sold to the investors that the firm designated.

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