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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events  
Subsequent Events

Note 9 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the unaudited condensed consolidated financial statements were available to be issued.

On April 13, 2022, the Company issued an unsecured promissory note (the “Sponsor Convertible Note”) the Sponsor pursuant to which the Company may borrow up to $1,200,000 from the Sponsor for transaction costs reasonably related to the consummation of the Business Combination. All unpaid principal under the Sponsor Convertible Note will be due and payable in full on the earlier of (i) August 2, 2023, and (ii) the acquisition of the Cornish, Scottish and Australian Mine (the “CSA Mine”) in the Company’s business combination (the “Business Combination”) (such earlier date, the “Maturity Date”). The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Sponsor Convertible Note, up to $1,500,000 in the aggregate, into warrants to purchase the Company’s Class A ordinary shares, par value $0.0001 per share (“Class A ordinary shares”), at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company’s initial public offering. As previously disclosed, Michael James McMullen, the Company’s Chief Executive Officer, and John Rhett Miles Bennett, a director of the Company, are Managers of the Sponsor.

Other than as described in these unaudited condensed consolidated financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.