Rigel Resource Acquisition in a regulatory filing said it entered into a convertible promissory note with its sponsorfor a working capital loanof up to $1.5 million.
Any portion of the principal may be converted into warrants at $1 each at the sponsor’s discretion. According to the filing, $300,000 was advanced to the SPAC on May 20.
The SPAC raised $275 million in an IPO last November. Rigel Resource is focused on the global metals value chain. Read more.
