Battery Future Acquisition Corp. announced a private placement to issue 10% unsecured convertible promissory note for the gross proceeds of $1,000,000 on April 5, 2023. The transaction included participation from new investor Pala Investments Limited with each advance not to exceed $500,000.

The company agreed to repay the outstanding principal amount of the Note on the earlier of June 16, 2023 and the effective date of a business combination. The Note bears interest at a rate of 10% per annum.