Note 4 - Private Placement

Simultaneously with the closing of the Initial Public Offering, the sponsor purchased an aggregate of 304,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement. Each Unit consists of one Private Placement Share and one Private Placement Right to receive one fifth (1/5) of one ordinary share upon the consummation of an initial Business Combination. The Private Placement Units are identical to the Units sold in the offering, except that (i) the Company may not redeem the ordinary shares underlying the units, and (ii) they may not, subject to certain limited exceptions, be transferred, assigned or sold by the sponsor until the completion of the Company’s initial Business Combination, and are entitled to registration rights.

If the Initial Business Combination is not completed within the Completion Window, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law).

There were no underwriting fees or commissions due with respect to the Private Placement.