Sayward Capital Corp., a capital pool company, and Technosteel Construction, a contracting firm based in Dubai, have entered a non-binding letter of intent for a proposed business combination.

In connection with the proposed transaction, Technosteel plans to complete a private placement to raise between US$2 million and US$5 million.

ARC Group was the financial advisor to Technosteel Construction.

BLG is serving as the legal counsel to Sayward Capital with a team led by Ravi Latour.