Note 4 — Private Placement

Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 370,500 Private Units at a price of $10.00 per Private Unit, generating gross proceeds of $3,705,000. Simultaneously with the closing of the over-allotment, the Company sold an additional 38,700 Private Units to the Sponsor, generating additional gross proceeds of $387,000. Each Private Unit consists of one Ordinary Share, one Warrant and one Right, and is identical to the Units sold in the IPO except as described in the Company’s registration statement. The proceeds from the sale of the Private Units were added to the proceeds from the IPO held in the Trust Account. If the Company does not complete a Business Combination within the applicable period, the proceeds from the sale of the Private Units held in the Trust Account will be used to fund the redemption of the Public Shares, and the Private Units and their underlying securities will expire worthless.