Mining SPAC Rigel Resource Acquisition Prices US$275 Million IPO

Blank check company Rigel Resource Acquisition Corp. (NYSE: RRAC.U) went public yesterday on the New York Stock Exchange. The company is seeking to raise US$275.0 million through its initial public offering.

The offering consists of 27.5 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable to purchase one common share at US11.50 per share. The units will be trading under the symbol “RRAC.U” but once the securities are separated, the common shares and the purchase warrants will be trading on the big board under the symbols “RRAC” and “RRAC.WS”, respectively.

Goldman Sachs & Co. serves as the sole bookrunner for the offering. The company has granted the underwriters a 45-day over-allotment option to purchase additional 4.125 million company units at the same IPO price.

The offering is expected to close on November 9, 2021, subject to customary closing conditions.

The blank check firm is indirectly sponsored by Orion Mine Finance Fund III, which is managed by Orion Resource Partners. Hence, the management team of the company is also the current management team of Orion.

The company plans to target businesses that predominantly operate in the global mining industry.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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