My Rewards International Announces Strategic $1 Million Placement and Partnership with Flywallet

Funding and Placement Details

My Rewards International Ltd (ASX: MRI) has secured a firm commitment for a $1,000,000 placement, set to be completed by September 2024. The placement will be drawn down in tranches, with an issue price of $0.009 per share. Shares under the placement will be issued to Abreco Enterprises Pty Ltd, the Australian investment arm of Abreco Group, a UAE-based conglomerate with operations in over twenty countries.

The funds raised from this placement will be used to support the company's working capital needs, allowing My Rewards to further its growth and operational objectives. The placement will be made under the company's current available placement capacity under LR 7.1 and LR 7.1a.

Partnership with Flywallet

My Rewards has entered into a binding heads of agreement (HOA) with Flywallet Pty Ltd to create rewards and loyalty programs in Thailand, Cambodia, and Vietnam. Flywallet, an AFSL License Holder and a Principal Member of Mastercard, specializes in creating innovative white label loyalty and rewards wallet programs. Under this HOA, My Rewards will leverage Flywallet's services to issue card-linked rewards programs in the selected countries.

This partnership aims to roll out a pilot program, and if successful, the parties will enter into a Master Service Agreement. This collaboration is expected to enhance My Rewards' international presence and diversify its product offerings.

Memorandum of Understanding with Feyverly

As part of the first program roll-out, My Rewards has also entered into a Memorandum of Understanding (MOU) with Feyverly Company Limited, a Thailand-based rewards, marketing, and e-commerce company. This MOU aims to build a travel rewards program for overseas visitors traveling to Thailand. Under this agreement, My Rewards, in conjunction with Flywallet, will create a proprietary travel card product for Australian travelers visiting Thailand. Feyverly will provide cardholders access to loyalty, rewards, and cashback deals available on its platform.

The MOU will facilitate the establishment of a framework for a pilot program. Should the pilot program be successful, the parties will enter into a Master Service Agreement.

Related Party Disclosures

It is important to note that Mr. Alex Gold, a non-executive director of My Rewards, is also the CEO and Responsible Manager of Flywallet. He is a director of Etimoney, the entity that owns 100% of the shares in Flywallet. However, Mr. Gold is not a related party to Abreco or Abreco Group, nor an associate of Abreco or Abreco Group.

Abreco will hold 111,111,111 fully paid ordinary shares in My Rewards, representing approximately 17.91% of the company's issued share capital following the placement. Abreco is not a related party or an associate of Mr. Alex Gold.