Rigel Resource Acquisition Corp. announced that it has entered into agreement for private placement of convertible promissory note with a sponsor, Rigel Resource Acquisition Holding LLC for gross proceeds of up to $1,500,000 on May 18, 2022. The convertible promissory note are termed as a working capital loan, may be settled in whole warrants to purchase Class A ordinary shares of the Company at a conversion price equal to $1.00 per warrant.

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. The principal of this Note may be drawn down from time to time prior to the Maturity Date upon request from company to investor. Each Drawdown Request must state the amount to be drawn down and must not be an amount $10,000 unless agreed upon by the investor.

Investor shall fund each Drawdown Request no later than three business days after receipt of a Drawdown Request.