Integrated Rail and Resources Acquisition Corp. announced it has entered into a material definitive agreement for the private placement of an unsecured convertible promissory note with Trident Point 2, LLC for an aggregate principal amount of $600,000 on January 16, 2023. All unpaid principal under the convertible note will be due and payable in full on the earlier of (i) August 15, 2023 (the maturity date) and (ii) the date on which the company consummates an initial business combination.

The investor will have the option, at any time on or prior to the maturity date, to convert any amounts outstanding under the convertible note, up to $600,000 in the aggregate, into warrants to purchase the company's shares of Class A common stock, par value $0.0001 per share, at a conversion price of $1 per warrant, with each warrant entitling the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the company's initial public offering.