Financial Performance - The company had a net income of $8,727,235 and a loss from operations of $347,235 for the period from June 9, 2021, through December 31, 2021[251]. - The diluted income per ordinary share for the period from June 9, 2021, through December 31, 2021, was the same as the basic income per ordinary share due to no dilutive securities being present[273]. Capital Generation - The company generated gross proceeds of $230,000,000 from the Public Offering of 23,000,000 Units at $10.00 per Unit[246]. - The Private Placement of 11,700,000 Private Placement Warrants generated gross proceeds of $11,700,000 at $1.00 per warrant[247]. - The total offering costs incurred in connection with the Public Offering amounted to $13,267,977[254]. - The underwriters received a cash underwriting discount of 2% of the gross proceeds from the Public Offering, totaling $4,600,000, and a deferred underwriting commission of 3.5% or $8,050,000[269]. Financial Position - As of December 31, 2021, the company had $700,293 in cash available outside the trust account and $234,602,251 held inside the trust account[245]. - The company has working capital of $1,559,788 as of December 31, 2021, to fund operations and evaluate target businesses[256]. - As of December 31, 2021, the Company had no long-term debt or long-term liabilities[266]. - The redeemable Class A ordinary shares were recorded at a redemption value of $28,926,483 as of December 31, 2021[275]. - The Company’s investments held in the Trust Account consist of U.S. government securities and are classified as trading securities, presented at fair value[276]. Business Strategy - The company intends to target businesses across the critical minerals value chain to benefit from the global energy transition[243]. - If the initial business combination is not completed within 18 months, the company will redeem public shares at a per-share price equal to the amount in the trust account[250]. Management and Operations - Management believes that the company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a business combination or one year from the filing date[258]. - The Company received a loan of up to $600,000 from the Sponsor to cover expenses related to the Public Offering, with a balance of $296,235 repaid in full at the Closing Date[265]. - The Company incurred $17,000 in service and administrative fees by December 31, 2021, with a monthly payment of $10,000 starting November 10, 2021[268]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[261]. Accounting Standards - The Company adopted ASU 2020-06 effective June 9, 2021, which did not have a material impact on its financial statements[278]. - The Company has no recent accounting standards that would materially affect its financial statements[277]. - The Company recognizes changes in the redemption value of redeemable ordinary shares immediately and adjusts the carrying value accordingly[275].
RCF Acquisition (RCFA) - 2021 Q4 - Annual Report