Company: MLAC
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001213900-25-073711
Chunk: 20

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 after the initial Business Combination which results in the
shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from
the lock-up.

Due to Sponsor

As of June 30, 2025 and December 31, 2024, the
Company owed the Sponsor $688 and $3,183 in connection with the overfunding of the private placement, offset by the payments made on
behalf of the Sponsor.

Related Party Loans

On June 27, 2024, the Sponsor agreed to
loan the Company up to $200,000 (as amended to $300,000 on September 23, 2024) pursuant to a promissory note (the “Note”).
The Note is non-interest bearing, unsecured and due on the earlier of December 31, 2024, the closing of the Proposed Public Offering,
or the date the Company determines not to proceed with the Proposed Public Offering. On December 31, 2024, the Company repaid the total
outstanding balance of the note amounting to $275,193. Borrowings under the note are no longer available.

In addition, in order to finance transaction
costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates
may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.
Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination
does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million of such Working Capital Loans
may be converted into units of the post Business Combination entity at a price of $10.00 per Unit. The units would be identical to the
Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written
agreements exist with respect to such loans. As of June