Project Energy Reimagined Acquisition Corp. announced a private placement of an unsecured non convertible promissory note for proceeds of $225,000 on May 2, 2024. The note issued at a principal amount of $225,000.

The transaction included participation from returning lender Smilodon Capital, LLC. The note does not bear interest and the principal balance will be payable on the earlier of: (i) the date on which PERAC consummates its initial business combination and (ii) the date that the winding up of PERAC is effective. In the event that PERAC does not consummate an initial business combination, the note will be repaid only from amounts remaining outside of the trust account, if any.

The note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the note and all other sums payable with regard to the note becoming immediately due and payable. The issuance of the note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.