MySQUAR Limited Statement re Media Speculation (3726M)
July 28 2017 - 2:01AM
UK Regulatory
TIDMMYSQ
RNS Number : 3726M
MySQUAR Limited
28 July 2017
28 July 2017
MySQUAR Limited ("MySQUAR" or the "Company")
Statement re Media Speculation
MySQUAR, the Myanmar-language social media, entertainment and
payments platform whose principal activity is to design, develop
and commercialise Myanmar-focused internet-based mobile
applications, notes the recent media speculation regarding a
potential fundraise and can confirm that a placing is in the
process of being arranged.
As previously notified, the Company achieved run rate
operational break even at the end of June and does not expect to
require additional funds for ongoing operations. The Company notes
that as at 30 June 2017 it had unaudited cash in excess of USD
700,000 and is therefore comfortable with its current cash
position.
The Company continues to evaluate additional monetisation
opportunities and is therefore considering a strategic capital
raise, the proceeds of which would be used towards establishing
MySQUAR's own mobile payments platform within Myanmar. This will
include creating digital wallet services and a mobile payment
application processing peer-to-peer (P2P) and person-to-merchant
(P2M) transactions for the Myanmar market.
The Company is also considering raising funds to be used to
evaluate potential acquisitions and strategic investments in order
to accelerate the growth of MySQUAR's product lines.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information:
MySQUAR Limited
Eric Schaer (Chief Executive) Tel: +65 6818
6089
Pham Dang Hung (CFO)
SP Angel Corporate Finance
LLP
Nominated Adviser Tel: +44 (0) 203
470 0470
Stuart Gledhill/Soltan
Tagiev
Beaufort Securities Limited Tel: +44 (0) 207
Broker 382 8300
Jon Belliss/Elliot Hance
Public Relations
Damien McCrystal Tel: +44 (0) 781
677 0758
damien@mccrystal.info
This information is provided by RNS
The company news service from the London Stock Exchange
END
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