Citylabs to raise 10 bln won via stock offering

Citylabs-capital increase

Citylabs to raise 10 bln won via stock offering

SEOUL, Sept. 30 (Yonhap) -- Citylabs Co. on Friday announced that it will sell stock to raise 10 billion won(US$7 million). The proceeds from the stock sale will be used mainly to pay off its debts.

According to a regulatory filing, the company will issue some 17.88 million common shares at a price of 559 won per share. The stock will be sold to the investors that the firm designated.

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