Document:

Exhibit
10.4

 

Alset
Capital Acquisition Corp

4800
Montgomery LN STE 210

Bethesda,
MD 20814

 

January
31, 2022

 

Ladies
and Gentlemen:

 

Alset
Capital Acquisition Corp. (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses
or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).

 

The
undersigned hereby commits that it will purchase 440,000 units of the Company (“Private Units”), each Private Unit consisting
of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”), one-half of
one warrant (the “Warrants”) entitling its holder to purchase one (1) share of Class A Common Stock and one right, each of
which entitles the holder to receive one-tenth (1/10) of one share of Class A common stock upon consummation of the initial business
combination, for a purchase price of $4,400,000 (the “Private Unit Purchase Price”).

 

The
undersigned hereby agrees that it will purchase an additional amount of units of the Company (“Over-Allotment Units”), up
to a maximum of 33,750 Over-Allotment Units, or a maximum purchase price of $337,5,000 (“Over-Allotment Unit Purchase Price”,
together with the Private Unit Purchase Price, the “Purchase Price”), in the event EF Hutton, division of Benchmark Investments,
LLC (“EF Hutton”) exercises its over-allotment option, such that the amount held in the trust account (as described in the
Registration Statement) does not fall below $10.10 per share for each share of Class A Common Stock sold in the IPO.

 

At
least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Unit Purchase
Price to be delivered to Sichenzia Ross Ference LLP (“SRF”), counsel for the Company, by wire transfer as set forth in the
instructions attached as Exhibit A to hold in a non-interest bearing account until the Company consummates the IPO.

 

The
consummation of the purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO and the consummation
of the purchase and issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the over-allotment
option related to the IPO. Simultaneously with the consummation of the IPO, SRF shall deposit the Private Unit Purchase Price, without
interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public shareholders as described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from the
date of this letter, the Private Unit Purchase Price (without interest or deduction) will be returned to the undersigned.

 

Each
of the Company, and the undersigned acknowledges and agrees that SRF is serving hereunder solely as a convenience to the parties to facilitate
the purchase of the Private Units and SRF’s sole obligation under this letter agreement is to act with respect to holding and disbursing
the Private Unit Purchase Price as described above. SRF shall not be liable to the Company, EF Hutton, or the undersigned or any other
person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder
unless SRF has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall indemnify
SRF against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act in connection
with this letter agreement except as a result of its gross negligence or willful misconduct. SRF may rely and shall be protected in acting
or refraining from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine
and to have been signed or presented by the proper party or parties.

 

    	 

     

    

 

The
Private Units and Over-Allotment Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned
agrees:

 

	 	●	to
    vote the shares of Class A Common Stock included in the Private Units and Over-Allotment Units in favor of any proposed Business
    Combination;

 

	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation that would
    affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Class A Common Stock
    sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or
    15 months if the Company has filed a proxy statement, registration statement or similar filing for an initial business combination
    within 12 months from the consummation of the offering but has not completed the initial business combination within such 12-month
    period or up to 21 months from the closing of this offering at the election of the Company in two separate three month extensions
    subject to satisfaction of certain conditions, including the deposit of up to $750,000, or $862,500 if the underwriters’ over-allotment
    option is exercised in full ($0.10 per unit in either case) for each three month extension, into the trust account, or as extended
    by the Company’s stockholders in accordance with our amended and restated certificate of incorporation) unless the Company
    provides the holders of shares of Class A Common Stock sold in the IPO with the opportunity to redeem their shares of Class A Common
    Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund,
    including interest earned on Trust Fund and not previously released to the Company to pay the Company’s franchise and income
    taxes, divided by the number of then outstanding shares of Class A Common Stock sold in the IPO;

 

	 	●	not
    to convert any shares of Class A Common Stock included in the Private Units and Over-Allotment Units into the right to receive cash
    from the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions
    of the Company’s Amended and Restated Certificate of Incorporation, and not to tender the Private Units and Over-Allotment
    Units in connection with a tender offer conducted prior to the closing of a Business Combination;

 

	 	●	the
    undersigned will not participate in any liquidation distribution with respect to the Private Units and Over-Allotment Units (but
    will participate in liquidation distributions with respect to any units or shares of Class A Common Stock purchased by the undersigned
    in the IPO or in the open market) if the Company fails to consummate a Business Combination;

 

	 	●	that
    the Private Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation of a Business
    Combination except (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees,
    (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate
    planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations
    order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no greater than the price
    at which the Private Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation
    of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions;
    and

 

    	2

     

    

 

	 	●	the
    Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly structured
    blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each
    of which will be set forth in the Registration Statement.

 

The
undersigned acknowledges and agrees that the purchaser of the Private Units and Over-Allotment Units will execute agreements in form
and substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation
of the IPO as are reasonably acceptable to the undersigned, including but not limited to an insider letter.

 

The
undersigned hereby represents and warrants that:

 

	 	(a)	it
    has been advised that the Private Units and Over-Allotment Units have not been registered under the Securities Act;
	 	 	 
	 	(b)	it
    will be acquiring the Private Units and Over-Allotment Units for its account for investment purposes only;

 

	 	(c)	it
    has no present intention of selling or otherwise disposing of the Private Units and Over-Allotment Units in violation of the securities
    laws of the United States;

 

	 	(d)	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended;

 

	 	(e)	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

	 	(f)	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;

 

	 	(g)	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to
    consummate the transactions contemplated in this letter; and

 

	 	(h)	this
    letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

This
letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Private
Units and Over-Allotment Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to the same.

 

    	3

     

    

 

	 	Very
    truly yours,
	 	 
	 	ALSET
    ACQUISITION SPONSOR, LLC
	 	 
	 	By:	/s/
    Heng Fai Ambrose Chan 
	 	Name:	Heng
    Fai Ambrose Chan
	 	Title:	Managing
    Member

 

	Accepted
    and Agreed: 	 
	 	 
	ALSET
    CAPITAL ACQUISITION CORP. 	 
	 	 
	By:
    	/s/
    Heng Fai Ambrose Chan 	 
	Name:	Heng
    Fai Ambrose Chan	 
	Title:	Chief
    Executive Officer	 

 

[Signature
page to Placement Unit Purchase Agreement]

 

    	4

     

    

 

Exhibit
A

 

Wire
Instructions

 

Bank
Name: [__]

Bank
Address: [__]

Account
Name: [__]

Account
Number: [__]

Routing/ABA
Number (Domestic Wires): [__]

Swift
Code (Foreign Wire): [__]

Note:
[__]

 

    	5Exhibit 10.6

 

ALSET
CAPITAL ACQUISITION CORP.

4800
Montgomery Lane, Suite 210

Bethesda,
MD 20814 

 

January
31, 2022

 

Alset
Management Group, Inc.

 

Ladies
and Gentlemen:

 

This
letter will confirm our agreement that, commencing on the effective date (the “Effective Date”) of the registration
statement (the “Registration Statement”) for the initial public offering (the “IPO”)
of the securities of Alset Capital Acquisition Corp. (the “Company”) and continuing until the earlier of (i)
the consummation by the Company of an initial business combination and (ii) the Company’s liquidation (in each case as described
in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”), Alset
Management Group, Inc. (“Alset Management”) shall take steps directly or indirectly to make available to the
Company certain office space, secretarial and administrative services as may be required by the Company from time to time, situated at
4800 Montgomery Lane, Suite 210, Bethesda, MD 20814 (or any successor location). In exchange therefore, the Company shall pay Alset Management
a sum of $10,000 per month on the Effective Date and continue monthly thereafter until the Termination Date. Alset Management hereby
agrees that it does not have any right, title, interest or claim of any kind (a “Claim”) in or to any monies
that may be set aside in a trust account (the “Trust Account”) that may be established upon the consummation
of the IPO and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts
or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever.

 

This
letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in
any way to the subject matter hereof or the transactions contemplated hereby.

 

This
letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the
parties hereto.

 

The
parties may not assign this letter agreement and any of their rights, interests, or obligations hereunder without the consent of the
other party.

 

This
letter agreement shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without
giving effect to its choice of laws principles that will apply the laws of another jurisdiction.

 

This
letter agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this letter agreement.

 

[Signature
Page Follows]

 

    	 

     

    

 

	 	Very truly yours,
	 	 
	 	ALSET
    CAPITAL ACQUISITION CORP.

     

	 	 	 
	 	By:	/s/
    Heng Fai Ambrose Chan
	 	Name: 	Heng Fai Ambrose Chan 
	 	Title:	Chief Executive Officer

 

	AGREED TO AND ACCEPTED BY:
	 
	ALSET MANAGEMENT GROUP INC.
	 	 
	By:	/s/
    Heng Fai Ambrose Chan	 
	Name: 	Heng Fai Ambrose Chan	 
	Title: 	Chief Executive Officer

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