SEOUL-- Codenature Inc. on Monday announced that it will sell stocks to raise 11.5 billion won(US$9.9 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue some 5 million common shares at a price of 2,255 won per share. The stocks will be sold to the investors that the firm designated.

Source: Yonhap News Agency