The final draft, obtained Thursday by The Associated Press, is expected to be put to a vote Friday afternoon, diplomats said, speaking on condition of anonymity ahead of an announcement.
The sanctions are the result of the government's continued attempt to stall North Korea's nuclear and missile programs.
The individuals and the entities put on the US sanctions list will have their assets within the USA frozen while being banned from doing business with American companies.
Tangun was sanctioned in 2009 for its involvement in North Korea's missile and weapons of mass destruction programs.
The United States on Thursday blacklisted nine companies and government institutions, including two Russian firms, and three people for their support of North Korea's weapons program, the Treasury Department said in a statement.
North Korea's aggressive rhetoric, as well as regular missile and nuclear tests in defiance of United Nations resolutions, have vexed the global community.
Traditionally, the United States has negotiated new sanctions with China - North Korea's neighbour and only major ally - before involving the other 13 council members. Just hours after the meeting, chaired by Tillerson, Pyongyang launched yet another ballistic missile.
"The United States will continue to target individuals and entities responsible for financing and supporting North Korea's nuclear weapons and ballistic missile programs, and will continue to increase pressure on this hostile regime", said John Smith, director of the Treasury's Office of Foreign Asset Control (OFAC).
For weeks, the United States has been negotiating with China on how to respond to Pyongyang's missile tests.
The United States has struggled to slow North Korea's nuclear and missile programs, which has become a security priority given Pyongyang's vow to develop a nuclear-tipped missile capable of hitting the US mainland.
It also said that the Seoul government will strengthen coordination with the U.S., Japan, China and the whole worldwide community with a goal to induce the North to give up its nuclear weapons program through all possible means including both sanctions and talks. The sanctions are directly aimed at the North's top governing bodies and military as well as companies helping the North procure funds for its nuclear and missile development. The firm and subsidiary were included after signing a $1 million deal to provide North Korea with oil.
A North Korean intelligence official, Kim Su-Kwang, was also sanctioned. The Treasury said he had worked undercover at a United Nations organization in Europe.
The steps freeze any funds the individuals or companies may have in the United States, and bar Americans from dealing with them.