NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Company in a private placement sold 470,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit (the “Private Placement”), for an aggregate purchase price of $4,700,000. Each Private Placement Unit consisting of one Class A ordinary share (the “Private Placement Shares) one warrant (the “Private Placement Warrants”) and one right to receive one-fifth (1/5) of a Class A ordinary share upon the consummation of an initial Business Combination (“Private Placement Right”). Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7). 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 Warrants and Share Rights will expire worthless. The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) and the Private Placement Rights (including the Class A ordinary shares issuable upon exercise of the Private Placement Rights) will not be transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain exceptions.