Protean Wave Energy Ltd (Protean or the Company) is pleased to...

Protean Wave Energy Ltd (Protean or the Company) is pleased to advise that it has completed the second and third placements with KOSDAQ-listed KORID Ltd (KORID), its JV partner in Korea. As outlined in the ASX announcement dated 28 July 2015 and pursuant to the JV agreement between Protean and KORID advised on 18 February 2015, the Company is now in receipt of the final $200,000 placement (Placement).
The Placement represents the combined second and third placements of $100,000 each, with the first placement of $100,000 received on 22 February 2016. The Company has to date now issued a total of 18,456,977 shares to KORID, with the latest Placement being issued at a price equal to the VWAP of the shares traded on the ASX during the 15 days prior to the Placement due date of 28 July 2016.
The sale of 50% of Stonehenge Korea Ltd also saw Protean receive approximately A$2.4 million worth of shares in KORID. These shares are expected to be released from escrow during September 2016.

Haven't seen an announcement as to if these shares have been released from escrow, and are they responsible for the sell down?


Looks like Korid just keep getting more shares in Pow , will they sell them?