MyFiziq Executed A Binding Term Sheet With Asia Cornerstone For Raising A$6 Million Capital

MyFiziq Executed A Binding Term Sheet With Asia Cornerstone For Raising A$6 Million Capital

MyFiziq Limited (ASX: MYQ) is an Australian based company providing white label app and Software Development Kit (SDK) to Business to Business (B2B) partners. It caters to industries such as Medical, Health & Fitness, and Insurance delivering body measurements with 97% accuracy and repeatability of 98%. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

Its revolutionary technology creates a representation of a person with accurate circumference measurements in the form of a 3D avatar using pictures from the smartphone using the power of Computer Vision, Machine Learning and patented algorithms. MYQ provides a missing link to why users engage with other ecosystems by looking at their lifestyle and understand the dimensions or change. It simplifies the collection of these measurements and provides more useful information about shape changes.

Today, MYQ has entered into a Binding Term Sheet (BTS) with Asia Cornerstone Asset Management Limited (ACAM) to complete a placement worth A$6 million (before costs). These funds will help MYQ in executing its growth and strategic plans to be rolled out regarding the expansion of its technology and team development for the next 2 years. MYQ will also start hiring key personnel to handle the global operations into the US, Asia, and Europe.

ACAM is a Hong Kong-based asset management company making investments in the Asia Pacific and ASEAN region. It is licensed by the Securities & Futures Commission in Hong Kong. It focusses on companies in technological, medical, and agricultural industries, that have high growth potential and a strong management track record.

Under the BTS, MyFiziq will receive the total amount in five tranches. The first tranche of A$1.2 million will start from 25th February 2019. The second tranche will begin in May 2019 followed by other tranches in every 6 weeks thereafter in July, August and will conclude in September 2019. MYQ will be issuing 10 million fully paid shares at a price of A$0.60 per share over the 5 tranches representing a 10.67% holding of ACAM in MYQ on an undiluted basis. MYQ and ACAM will enter into a detailed subscription agreement within 10 days of the BTS.

Mr. Peter Wall, the Chairman of MYQ, has provided an unsecured loan of A$450,000 at an interest rate of 6% per annum to meet its short-term working capital requirements before issuing tranche 1 placement shares.

As per MYQ’s management, many parties were interested in injecting capital into MyFiziq but looking at the ACAM’s background in the capital markets, the company entered into BTS with ACAM.

Looking at MyFiziq Limited’s stock performance and the return it has posted over the last few months, the stock has generated a negative return of 24.00% during the past three months. It is currently trading at A$0.420 (at the close of the market on 31 January 2019) with a surge of 47.368% or 13.5 cents in the price during the day’s performance after the release of news to the market. MYQ has approx. 83.54 million shares outstanding with the market cap of circa A$23.81 million. The 52-week high and low for MYQ are marked at A$1.365 and A$0.220 respectively.


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