Project Energy Reimagined Acquisition Corp. announced a private placement of an unsecured non convertible promissory note for proceeds of $375,000 on January 26, 2024. The note will be issued at a principal amount of $375,000. The transaction will include participation from Srinath Narayanan. The note does not bear interest and the principal balance will be payable on the earlier of the date on which the company consummates its initial business combination, and the date that the winding up of the company is effective. 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. Principal of this Note may be drawn down from time to time prior to the Maturity Date. Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than $10,000 and each Drawdown Request no later than three business days after receipt of a Drawdown Request.

On the same date, the company announced that it has raised $350,000 in its first tranche.