NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing Initial Public Offering the Sponsor purchased an aggregate of 260,000 Private Placement Units at a price of $10.00 per Private Placement Unit from the Company in a private placement. The proceeds from the sale of the Private Placement Units 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 Combination Period, 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), and the Private Placement Units will expire worthless. Each Private Placement Unit consists of one Class A ordinary share, one redeemable warrant (“Private Warrant”) and one right to receive one-fourth (1/4th) of one Class A ordinary share upon the consummation of an initial business combination (“Right”). Each Private Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per full share, subject to adjustment (see Note 7). The Private Placement Units (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain exceptions.