Battery Future Acquisition Corp.: debt financing — BFAC issues up to $1M convertible note to Pala Investments for working capital

Battery Future Acquisition Corp.

Aggregate principal up to $1,000,000; each advance not to exceed $500,000.
Interest at 10% per annum; maturity the earlier of June 16, 2023 or business combination.
Pala may convert outstanding principal/interest into warrants at $1.00 per warrant, terms identical to IPO private placement warrants.
Proceeds used for working capital related to pursuing a business combination.
Note is unsecured; Pala waives any claims against the trust account.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Battery Future Acquisition Corp. incurred convertible notes of $1,000,000 with Pala Investments Limited at ten percent (10.00%) per annum maturing the earlier of (i) June 16, 2023 (as may be extended in accordance with the terms of the Note) and (ii) the effective date of a business combination.

Instrument: convertible notes
Principal: $1,000,000
Counterparty: Pala Investments Limited
Rate: ten percent (10.00%) per annum
Maturity: the earlier of (i) June 16, 2023 (as may be extended in accordance with the terms of the Note) and (ii) the effective date of a business combination
Event: incurrence

Exact text from the filing

On April 5, 2023, Battery Future Acquisition Corp. (“BFAC”) issued an unsecured convertible promissory note in the aggregate principal amount of $1,000,000 (the “Note”) to Pala Investments Limited (“Pala”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Battery Future Acquisition Corp. entered into Note with Pala Investments Limited valued at $1,000,000 (effective 2023-04-05).

Action: entry
Agreement: notes offering
Counterparty: Pala Investments Limited
Value: $1,000,000
Effective: 2023-04-05

Exact text from the filing

On April 5, 2023, Battery Future Acquisition Corp. (“BFAC”) issued an unsecured convertible promissory note in the aggregate principal amount of $1,000,000 (the “Note”) to Pala Investments Limited (“Pala”)

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Source: SEC EDGAR

accession 0001193125-23-097328

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