Rigel Resource Acquisition, a blank check company formed by Orion Resource Partners targeting the mining industry, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of the sponsor.
The company is led by Chairman Oskar Lewnowski, the founder and CIO of metals and mining-focused private equity firm Orion Resource Partners, and CEO and Director Jonathan Lamb, a Portfolio Manager at Orion. The company plans to target the global mining and metals and basic materials sectors, which may include "green" and/or battery metals and industrial minerals, and ancillary service providers delivering innovative mineral processing technologies, or battery material technologies.
Rigel Resource Acquisition plans to list on the NYSE under the symbol RRAC.U. Goldman Sachs acted as sole bookrunner on the deal.
