MySQUAR confirms fundraise as it looks to mobile payments
Mysquar Ltd
€0.01
19:59 22/03/17
Myanmar-language social media, entertainment and payments platform MySQUAR was forced to respond to recent media speculation over a potential fundraise on Friday, confirming that a placing was in the process of being arranged.
The AIM-traded firm said that, as it had previously indicated, it achieved run-rate operational break even at the end of June and did not expect to require additional funds for ongoing operations.
It noted that as at 30 June, it had unaudited cash in excess of $0.7m and was 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,” the board explained.
“This will include creating digital wallet services and a mobile payment application processing peer-to-peer and person-to-merchant transactions for the Myanmar market.”
MySQUAR said it was also considering raising funds to be used to evaluate potential acquisitions and strategic investments in order to accelerate the growth of its product lines.