MySQUAR on the hunt for acquisition targets after £2.11m fundraising

MySQUAR Ltd is to raise £2.11m through the issue of unsecured convertible bonds to UK-based fund Atlas Capital Markets Limited on Wednesday.

Myanmar language social media, entertainment and payments platform MySQUAR has pursued the fundraising to help raise the consideration for a future acquisition or investment, along with development capital and for general corporate purposes.

The AIM-traded outfit has the option to redeem the convertible bonds prior to the maturity date at 110% of face value.

As part of the package, Atlas has also been granted warrants with an initial exercise price of £633,000 for 20,095,238 ordinary shares.

Eric Schaer, chief executive of MySQAUR, said: "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."

In a statement, MySquar said it is currently "in advanced discussions and negotiations for a potential acquisition or investment” into a firm that is developing mobile payment sevices.

"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 Schaer.

As of 1625 GMT, MySQUAR’s shares were down 14.12% at 1.82p.