MySQUAR To Raise USD2.1 Million Via Bond Issue (ALLISS)

7th Mar 2018 12:14

LONDON (Alliance News) - MySQUAR Ltd said Wednesday that it intends to raise GBP2.1 million through the issue of unsecured convertible bonds to UK-based fund Atlas Capital Markets Ltd.

Shares in the Myanmar-based entertainment and payments platform were down 13.3% at 1.84 pence in early afternoon trade.

In addition, Atlas Capital has also been granted 633 warrants with an exercise price of GBP633,000 for 20.1 million shares, with a strike price of 3.15 pence per share and a three year term.

The bonds have a denomination of GBP10,000 reach, bear a coupon of 5.0% per annum and a maturity date of two years from the date of issuance.

The bonds were issued in a single tranche and are convertible into ordinary shares of MySQUAR a price equal to the average of three days volume weighted average price over the 20 trading days prior to the receipt of a conversion notice.

Proceeds from the bonds and warrants will go towards funding the cash element of future acquisitions and investments, product development and providing working capital.

"The fundraise will provide MySQUAR with the necessary resources to undertake potential future acquisitions and investments with targets with valuable synergies with our strategy of developing the leading mobile payments facilities for remittances back into Myanmar. The fundraise will also allow us to free up further capital to invest into development capital. We believe this can only strengthen MySQUAR's position in discussions with larger online groups interested in developing a presence in the Myanmar market," said Chief Executive Officer Eric Schaer.

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