Rigel Resource Acquisition Corp.: debt financing — Rigel Resource Acquisition Corp extends deadline to Aug 9; ~$53.4M redeemed, gets $180k loan from sponsor & Orion

Rigel Resource Acquisition Corp.

Shareholders approved extension of business combination deadline from May 9 to August 9, 2025.
Holders of 4,489,188 Class A shares redeemed at ~$11.90/share, totaling ~$53.4M; trust left with ~$31.4M.
Company entered up to $180k non-interest loan from sponsor and Orion to fund extension.
Loan provides monthly contributions of lesser of $60k or $0.03 per non-redeemed public share.

item 1.01 item 2.03 item 5.03 item 5.07 item 9.01

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

Rigel Resource Acquisition Corp. incurred loan of the lesser of (x) $60,000 and (y) $0.03 for each Public Share ... for each month with Rigel Resource Acquisition Holding LLC and Orion Mine Finance GP III LP at not bear any interest maturing the earlier of the date by which the Company must complete an initial Business Combination and the consummation of the Company’s initial Business Combination.

Instrument: loan
Principal: the lesser of (x) $60,000 and (y) $0.03 for each Public Share ... for each month
Counterparty: Rigel Resource Acquisition Holding LLC and Orion Mine Finance GP III LP
Rate: not bear any interest
Maturity: the earlier of the date by which the Company must complete an initial Business Combination and the consummation of the Company’s initial Business Combination
Event: incurrence

Exact text from the filing

Sponsor and Orion have agreed that they will contribute to the Company as a loan (each loan being referred to herein as a “Contribution”) in an amount equal to the lesser of (x) $60,000 and (y) $0.03 for each Public Share (as defined below) that was not redeemed in connection with the Special Meeting (as defined below), for each month (or a pro rata portion

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001829126-25-003649

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.