Kerman & Co advises MySQUAR on the issue of a US$ 2M Convertible Loan Note
December 12, 2016
MySQUAR Limited, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, announced that Sandabel Capital LP had agreed to subscribe for a Convertible Loan Note with an aggregate principal amount of up to USD$ 2.0 million.
MySQUAR agreed the terms of the Convertible Loan Note for US$ 2.0 million, (representing US$ 1.8 million net of fees to MySQUAR), with Sandabel, a private investment company that looks for early-stage investment opportunities. The proceeds will be used, in order of priority, for working capital purposes, to accelerate the development of new games and applications, and to repay the existing loan from Rising Dragon Singapore Pte. Ltd. in full.
Jack Kemmish (Solicitor) in the Corporate & Capital Markets team advised MySQUAR on the deal.