SEC Contract Filing

Filing Date: 2024-08-13

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>rigelresources_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">THIS PROMISSORY NOTE (THIS &ldquo;<B>NOTE</B>&rdquo;) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<B>SECURITIES ACT</B>&rdquo;), OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND THIS NOTE MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">RIGEL RESOURCE ACQUISITION CORP<BR> PROMISSORY NOTE</P>

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 <TD STYLE="width: 50%">Principal Amount: Up to $1,000,000</TD>
 <TD STYLE="text-align: right; width: 50%">Dated as of May 30, 2024</TD></TR>
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 <TD>(See <U>Schedule A</U>)</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Rigel Resource Acquisition Corp, a Cayman Islands exempted company (&ldquo;<B>Maker</B>&rdquo;), promises to pay to Rigel Resource Acquisition Holding LLC, a Cayman Islands limited liability company (&ldquo;<B>Payee</B>&rdquo;), or order, the principal balance as set forth on <U>Schedule A</U> hereto in lawful money of the United States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances outstanding under this promissory note (this &ldquo;<B>Note</B>&rdquo;); provided that at no time shall the aggregate of all advances and readvances outstanding under this Note exceed One Million U.S. Dollars (U.S.$1,000,000). Any advance hereunder shall be made by the Payee upon a request of Maker and shall be set forth on <U>Schedule A</U>. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance with the provisions of this Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>Principal.</B> All unpaid principal under this Note shall be due and payable in full on the earlier of: (i)&nbsp;the date by which Maker has to complete a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a &ldquo;<B>Business Combination</B>&rdquo;) pursuant to its Amended and Restated Memorandum and Articles of Association (as may be amended from time to time), and (ii) the effective date of a Business Combination (such earlier date of (i) and (ii), the &ldquo;<B>Maturity Date</B>&rdquo;), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal under this Note may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>2. Drawdown Requests. </B>Maker and Payee agree that Maker may request, from time to time, up to One Million U.S. Dollars (U.S.$1,000,000) in draw downs under this Note to be used for working capital purposes. The principal of this Note may be drawn down from time to time prior to the Maturity Date upon request from Maker to Payee (each, a &ldquo;<B>Drawdown Request</B>&rdquo;). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less tha