Note 4 — Private Placement

Simultaneously with the closing of the IPO and the over-allotment option, the Sponsor purchased an aggregate of 221,500 Private Units and 4,750 Private Units at a price of $10.00 per Private Unit, respectively, for an aggregate purchase price of $2,262,500.

Each Private Unit will consist of one ordinary share (“Private Share”) and one right (“Private Right”). Each Private Right will receive one-fourth (1/4) of one ordinary share upon the consummation of a Business Combination. The proceeds from the Private Units were added to the proceeds from the IPO which were deposited in the Trust Account. If the Company does not complete a Business Combination within the Completion Window, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire and become worthless.