Chavant Capital Acquisition Corp. announced that it has issued an unsecured convertible promissory note in the aggregate principal amount of $360,000 to Chavant Capital Partners LLC on June 20, 2022. 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 sponsor, upon the consummation of the company's initial business combination, with such new private placement warrants having the same terms as the private placement warrants issued in connection with the company's initial public offering.

The notes will mature on December 31, 2023.