Mount Rainier Acquisition Corp. announced that it has issued an unsecured promissory note in the principal amount up to $300,000 on October 26, 2022. The transaction included participation from returning investor, DC Rainier SPV LLC.

The company will pay on the earlier of January 3, 2023 or the date on which company consummates the business combination. The note bears rate of interest of 10% per annum.