TIDMMYSQ

RNS Number : 7274B

MySQUAR Limited

06 April 2017

MySQUAR Limited ("MySQUAR" or the "Company")

Issue of Equity and Financing Facilities

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, announces the issue of 50,528,250 ordinary shares of no par value ("Ordinary Shares") ("Conversion Shares") pursuant to the conversion of USD 450,000 of loan notes by Sandabel Capital LP ("Sandabel"). Under the terms of the second USD 2.0 million Convertible Loan Note (CLN) issued to Sandabel dated 9 December 2016 (as announced 12 December 2016), Sandabel receives a conversion amount of shares equal to 1.1 times the principal value of loan notes converted at the conversion price of GBP0.007875 (representing a 12.5% discount to the closing bid price on Tuesday 3 April 2017).

Application will be made for the Conversion Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. It is expected that admission will become effective and that trading in the Conversion Shares will commence on or around 11 April 2017 ('Admission').

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following Admission it will have 336,734,083 Ordinary Shares in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 336,734,083.

The above figure of 336,734,083 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Financing Facilities

The first Sandabel CLN entered into on 30 September 2016 for USD 1 million has been fully drawn and converted into ordinary shares. As of today, the Company has drawn down USD 1.1 million of the second Sandabel CLN with such drawn down amount now having been fully converted into equity and does not intend to draw down further on the remaining USD 900,000 facility.

The Company is reviewing its financing options with the objective of financing its ongoing operations from cash flows collected from revenues, the collection of outstanding accounts receivable, available headroom from the credit facility provided by Rising Dragon Singapore Pte. Ltd or other external non-convertible loan note financing sources, including the issue of equity, as necessary.

Further announcements will be made in due course as appropriate.

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 
 Joint Broker                    Tel: +44 (0) 207 
 Jon Belliss/Elliot Hance        382 8300 
 
 Mirabaud Securities LLP 
 Joint Broker 
 Edward Haig-Thomas/Peter        Tel: +44 (0)20 
 Krens                           7878 3447

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 06, 2017 02:00 ET (06:00 GMT)

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