RCF Acquisition announced today the closing of a securities purchase agreement between its sponsor and Perception Capital Partners IV, which will now become the managing sponsor.
Perception Capital Partners IV, a private and public investment firm and serial sponsor of SPACs. The company’s shares, warrants and units will continue to trade on the NYSE under its ticker symbols RCFA, RFCA.WT and RCFA.UN.
RCF has filed a proxy to push the deadline back to November 2024.
The new sponsor will offer the lesser of an upfront 4.5 cents a share or $150,000 for three months of funding before transitioning to a month-to-month extension at the lesser of 1.5 cents per share or $50,000 per month. The sponsor will seek the highest-yielding allowable cash deposits for the trust, expected to be up to 5%.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, is serving as exclusive financial advisor and lead capital markets advisor to RCF Acquisition.
RCF raised $200 million in an IPO two years ago and has been focused since on targeting businesses of scale across the critical minerals value chain. Read more.
