Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 159

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 159
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promissory note dated November 5, 2024. The principal balance of this promissory note shall be payable the date we consummate this
offering. We estimate that the net proceeds from (1) the sale of the shares in this offering, after deducting estimated offering expenses
of approximately $680,000 and underwriting discounts payable in cash of $450,000 (or $517,500 if the over-allotment option is exercised
in full) and (2) the sale of the private units for a purchase price of $2,182,500 (or $2,250,000 if the over-allotment option is exercised
in full) will be $61,052,500 (or $70,052,500 if the over-allotment option is exercised in full) (including the deferred underwriting
discounts and commissions). Of this amount, an aggregate of $60,000,000 (or $69,000,000 if the over-allotment option is exercised in
full), will be placed in the trust account. The balance will be held outside of trust for our use in funding our search process, estimated
to be approximately $1,052,500.

We intend to use substantially all of the
net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination and
to pay our expenses relating thereto, to pay holders who wish to convert or sell their shares to us for a portion of the funds held in
the trust account, and to pay the deferred underwriting fee of 4.0% of the gross proceeds of the Proposed Public Offering, or $2,400,000
(or $2,760,000 if the over-allotment option is exercised in full), and such deferred fee shall be capped at such amount so remaining
in the Trust Account. To the extent that our ordinary shares are used in whole or in part as consideration to affect our initial business
combination, the remaining proceeds held in the trust account as well as any other net proceeds not expended will be used as working
capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including the:
continuation or expansion of the operations of the target business; strategic acquisitions and marketing; and, research and development
of existing or new products. Such funds can also be used to repay any operating expenses, finders’ fees, consulting fees or other similar compensation,