Rigel Resource Acquisition Corp.: debt financing — Rigel Resource Acquisition Corp secures $1.5M working capital loan, amends extension loans adding Orion as payee

On December 28, 2023, the Company amended and restated: (i) that certain Convertible Promissory Note, dated as of May 8, 2023, by the Company in favor of the Sponsor in the principal amount of up to $3,000,000 (the “ May 2023 Extension Loan ”) and (ii) that certain Convertible Promissory Note, dated as of August 9, 2023, by the Company in favor of the Sponsor in the principal amount of up to $4,200,000 (the “ August 2023 Extension Loan ” and together with the May 2023 Extension Loan, the “ Amended and Restated Extension Loans ”) to add Orion Mine Finance GP III LP, a Cayman Islands limited partnership, as a payee (together with the Sponsor, the “ Payees ”).

On December 28, 2023, Rigel Resource Acquisition Corp (the “ Company ”) entered into a Promissory Note (the “ December 2023 Working Capital Loan ”) with its sponsor, Rigel Resource Acquisition Holding LLC, a Cayman Islands limited liability company (the “ Sponsor ”). Pursuant to the December 2023 Working Capital Loan, the Sponsor has agreed to loan to the Company up to $1,500,000 to be used for working capital purposes. The loans will not bear any interest, and will be repayable by the Company to the Sponsor upon the earlier of the date by which the Company must complete an initial business combination pursuant to its amended and restated memorandum and articles of association (as amended from time to time) and the consummation of the Company’s initial business combination.