Chavant Capital Acquisition Corp. announced a private placement of an unsecured convertible note in the aggregate principal amount of up to $300,000 on January 6, 2023. The transaction included participation from returning investor Chavant Capital Partners LLC.

The promissory note does not bear any interest, and outstanding loans under the promissory note may be converted into private placement warrants at a price of $1.00 per warrant, at the option of the investor, upon the consummation of the company's initial business combination. The note will mature on July 31, 2024.