AIB Acquisition Corporation announced that it has entered into an agreement for the issuance of promissory note for gross proceeds of $450,000 on January 20, 2023. The transaction included participation from AIB LLC. The principal balance of the note shall be due and payable by the company on the maturity date. The note will bear no interest rate. The principal of this note may be drawn down in up to nine monthly installments of approximately $50,000 per withdrawal until the earlier of October 21, 2023 and the date on which the company consummates its initial business combination, upon written request from the company to the lender.

On the same date, the company received $50,000 in its first tranche.