Evolution Metals & Technologies Corp. (EMAT): debt financing — Welsbach SPAC extends deadline to Aug 30, sponsor provides $125K extension note

On July 30, 2023, the Company issued a promissory note (the “ Working Capital Note ”) in the principal amount of $84,000 to the Sponsor in exchange for cash. The Working Capital Note is a non-interest bearing, unsecured promissory note that will not be repaid in the event that the Company is unable to close an Initial Business Combination unless there are funds available outside the trust account to do so. Such Working Capital Note would either be paid upon consummation of the Initial Business Combination out of the proceeds of the Trust Account released to the Company or, at the Sponsor’s discretion, converted, in full or in part, upon consummation of the Initial Business Combination into additional private units at a price of $10.00 per unit.

upon the deposit by Welsbach Acquisition Holdings LLC (the “ Sponsor ”) or their affiliate or designee, into the trust account of $125,000 for each additional one month extension (the “ Extension Payment ”) in exchange for a non-interest bearing, unsecured promissory note, convertible at the option of the holder, in full or in part, into units at a price of $10.00 per unit, which units will be identical to the private placement units issued in connection with the initial public offering of the Company’s units and repayable upon closing of a business combination (the “ Extension Note ”). On July 30, 2023 the Company issued an Extension Note to the Sponsor in respect of an Extension Payment.

o up to September 30, 2023, upon the deposit by Welsbach Acquisition Holdings LLC (the “ Sponsor ”) or their affiliate or designee, into the trust account of $125,000 for each additional one month extension (the “ Extension Payment ”) in