MySQUAR Limited Issue of Equity and Total Voting Rights (6476M)

TIDMMYSQ

RNS Number : 6476M

MySQUAR Limited

31 July 2017

31 July 2017

MySQUAR Limited ("MySQUAR" or the "Company)

Issue of Equity and Total Voting Rights

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to announce that it has raised GBP 1,207,075.15, before expenses, by way of a placing of, and subscription for, new ordinary shares in the Company.

The Company has agreed to issue a total of 32,188,671 new ordinary shares of no par value in the share capital of the Company ("Placing Shares") at 3.75 pence per share ("Placing Price") pursuant to a placing and subscription to raise GBP 1,207,075.15, ("Placing") with placees. For each Placing Share subscribed for, placees will also receive 1 warrant to subscribe for one new share of no par value each in the Company at an exercise price of 5.0 pence per share with a 6-month exercise period from the date of admission of the Placing Shares to trading on AIM ("Admission").

As previously notified, the Company achieved run rate operational break even at the end of June and does not expect to require additional funds for current operations. The Company notes that as at 30 June 2017 it had unaudited cash in excess of USD 700,000 and is therefore comfortable with its current cash position in addition to receivables, the undrawn Rising Dragon interest only loan facility and no debt.

As announced on 28 July 2017 the net proceeds of the Placing will be used to establish a mobile payments platform processing peer-to-peer (P2P) and person-to-merchant (P2M) transactions for the Myanmar market. This will include creating digital wallet services that will also be integrated into the MySQUAR ecosystem for the receipt of funds and payment of games, services and digital goods.

The Company also expects to utilise the funds to evaluate potential acquisitions and strategic investments in order to accelerate the growth of MySQUAR's product lines.

Application will be made for the Placing Shares, which will rank pari passu with the Company's existing issued Shares, to be admitted to trading on AIM. It is expected that Admission will become effective and that trading in the Placing Shares will commence on or around 4 August 2017.

Total Voting Rights

In accordance with the Financial Conduct Authority's (FCA) Disclosure and Transparency Rules, the Company hereby announces that following Admission it will have 615,856,580 Ordinary Shares in issue, none of which are held in Treasury. Therefore, the total number of voting rights in the Company is 615,856,580.

The above figure of 615,856,580 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
MySQUAR Limited 
Eric Schaer (Chief Executive)  Tel: +65 6818 
                                6089 
Pham Dang Hung (CFO) 
 
SP Angel Corporate Finance 
 LLP 
Nominated Adviser              Tel: +44 (0) 203 
                                470 0470 
Stuart Gledhill/Soltan 
 Tagiev 
 
 Beaufort Securities Limited     Tel: +44 (0) 207 
 Broker                          382 8300 
 Jon Belliss/Elliot Hance 
  Public Relations 
  Damien McCrystal               Tel: +44 (0) 781 
                                 677 0758 
                                 [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLLFIRDFILVID

(END) Dow Jones Newswires

July 31, 2017 12:06 ET (16:06 GMT)