Project Energy Reimagined Acquisition Corp. announced a private placement of an unsecured promissory note for proceeds of $500,000 on October 25, 2023. The note will be issued at a principal amount of $500,000. The transaction will include participation from returning investor Smilodon Capital, LLC. The note does not bear interest and the principal balance will be payable on the earlier of: (i) the date on which the company consummates its initial business combination and (ii) the date that the winding up of the company is effective.

On the same date, the company announced that it has raised $300,000 in its first tranche.