NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,866,666 Private Placement Warrants at a price of $1.50 per warrant generating gross proceeds of $7,300,000 as follows: (i) by and among the Company and the Underwriters to purchase an aggregate of 1,740,000 Private Placement Warrants for an aggregate purchase price of $2,610,000 and (ii) by and between the Company and the Sponsor for the purchase by the Sponsor of an aggregate of 3,126,666 Private Placement Warrants for an aggregate purchase price of $4,690,000. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Completion Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.