Rigel Resource (RRACF) redeems Duke-affiliated shares amid liquidation

Rhea-AI Filing Summary

Rigel Resource Acquisition Corp. is redeeming Class A ordinary shares held on behalf of Duke-affiliated investors as it plans to dissolve and liquidate. On November 21, 2025, the issuer redeemed these shares at $12.151716 per share, and the reporting positions in these shares dropped to zero.

The shares were held indirectly through several Duke-related entities, including The Duke Endowment, the Employees' Retirement Plan of Duke University, Gothic Corporation, and Gothic HSP Corporation, each using single-member LLCs. DUMAC, Inc. and Duke University are listed as 10% owners because DUMAC had delegated voting and investment power, but they each disclaim beneficial ownership beyond any pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DUMAC, INC.

(Last) (First) (Middle)

280 S MANGUM STREET

SUITE 210

(Street)

DURHAM NC 27701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Rigel Resource Acquisition Corp. [ RRAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Ordinary Shares	11/21/2025		S(1)		192,000	D	$12.1517(1)	0	I	See Footnotes(2)(3)(7)
Class A Ordinary Shares	11/21/2025		S(1)		109,000	D	$12.1517(1)	0	I	See Footnotes(3)(4)(7)
Class A Ordinary Shares	11/21/2025		S(1)		548,000	D	$12.1517(1)	0	I	See Footnotes(3)(5)(7)
Class A Ordinary Shares	11/21/2025		S(1)		151,000	D	$12.1517(1)	0	I	See Footnotes(3)(6)(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

DUMAC, INC.

(Last) (First) (Middle)

280 S MANGUM STREET

SUITE 210

(Street)

DURHAM NC 27701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Duke University

(Last) (First) (Middle)

C/O DUMAC, INC.

280 S MANGUM ST., SUITE 210

(Street)

DURHAM NC 27701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These Class A Ordinary Shares of Rigel Resource Acquisition Corp (the "Issuer") reported as disposed were redeemed by the Issuer as of November 21, 2025, for a redemption price of $12.151716 per Class A Ordinary Share, in connection with the Issuer's intention to dissolve and liquidate.

2. The Duke Endowment, a charitable trust, indirectly held these Class A Ordinary Shares of the Issuer through G JBD LLC, a single member limited liability company wholly owned by The Duke Endowment. DUMAC, Inc. ("DUMAC") has been delegated voting and investment power over such Class A Ordinary Shares of the Issuer through an investment management agreement between DUMAC and The Duke Endowment and therefore DUMAC may have been deemed the beneficial owner of such Class A Ordinary Shares.

3. DUMAC is a North Carolina non-profit corporation. DUMAC does not hold legal title to its clients' assets. The members of the board of directors of DUMAC are appointed by the executive committee of the board of trustees of Duke University.

4. Employees' Retirement Plan of Duke University, a non-profit defined benefit plan, indirectly held these Class A Ordinary Shares of the Issuer through G ERP LLC, a single member limited liability company wholly owned by Employees' Retirement Plan of Duke University. DUMAC has been delegated voting and investment power over such Class A Ordinary Shares of the Issuer through an investment management agreement between DUMAC and Employees' Retirement Plan of Duke University and therefore DUMAC may have been deemed the beneficial owner of such Class A Ordinary Shares.

5. Gothic Corporation ("Gothic"), a non-profit corporation, holds assets as a charitable support corporation for Duke University, including the Class A Ordinary Shares of the Issuer that were previously held. Gothic indirectly held these Class A Ordinary Shares of the Issuer through G LTP LLC, a single member limited liability company wholly owned by Gothic. The members of the board of directors of Gothic are appointed by the executive committee of the board of trustees of Duke University. DUMAC has been delegated voting and investment power over such Class A Ordinary Shares of the Issuer through an investment management agreement between DUMAC and Gothic and therefore DUMAC may have been deemed the beneficial owner of such Class A Ordinary Shares.

6. Gothic HSP Corporation ("Gothic HSP"), a non-profit corporation, holds assets as a charitable support corporation for Duke University Health System, Inc., including the Class A Ordinary Shares of the Issuer that were previously held. Gothic HSP indirectly held these Class A Ordinary Shares of the Issuer through G HSP LLC, a single member limited liability company wholly owned by Gothic HSP. The members of the board of directors of Gothic HSP are appointed by the board of directors of Duke University Health System, Inc. The members of the board of directors of Duke University Health System, Inc. are appointed by the executive committee of the board of trustees of Duke University. DUMAC has been delegated voting and investment power over such Class A Ordinary Shares of the Issuer through an investment management agreement between DUMAC and Gothic HSP and therefore DUMAC may have been deemed the beneficial owner of such Class A Ordinary Shares.

7. Each Reporting Person disclaims beneficial ownership of the Class A Ordinary Shares of the Issuer reported herein except to the extent of its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is or was the beneficial owner of such Class A Ordinary Shares for purposes of Section 16 or for any other purpose.

	DUMAC, INC., Name: /s/ Robert E. McGrail, Title: Secretary	12/04/2025
	DUKE UNIVERSITY, Name: /s/ Robert E. McGrail, Title: Secretary, DUMAC, Inc.	12/04/2025
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did DUMAC and Duke University report for RRACF?

They reported that Rigel Resource Acquisition Corp. redeemed indirectly held Class A ordinary shares. The redemption occurred on November 21, 2025 at $12.151716 per share, eliminating their reported beneficial holdings tied to these positions.

At what price were RRACF Class A shares redeemed in this Form 4?

The shares were redeemed at $12.151716 per Class A ordinary share. This fixed cash amount was paid by Rigel Resource Acquisition Corp. in connection with its stated intention to dissolve and liquidate the company.

Which entities associated with Duke University held RRACF shares that were redeemed?

The redeemed shares were indirectly held by The Duke Endowment, the Employees' Retirement Plan of Duke University, Gothic Corporation, and Gothic HSP Corporation. Each used a wholly owned single‑member LLC to hold Rigel Resource Acquisition Corp. Class A ordinary shares.

Why are DUMAC, Inc. and Duke University listed as 10% owners of RRACF?

DUMAC, Inc. had delegated voting and investment power over the shares through investment management agreements with the Duke-related entities. This structure meant DUMAC and Duke University could be deemed beneficial owners for reporting, even though they do not hold legal title.

Do DUMAC and Duke University claim full beneficial ownership of the RRACF shares?

No. Each reporting person expressly disclaims beneficial ownership of the Class A ordinary shares, except to the extent of its pecuniary interest. The disclaimer states the report should not be seen as an admission of beneficial ownership under Section 16.

What does this Form 4 imply about Rigel Resource Acquisition Corp. (RRACF)?

It states that Rigel Resource Acquisition Corp. intended to dissolve and liquidate. The issuer redeemed the reported Class A ordinary shares on November 21, 2025 at $12.151716 per share as part of this wind‑down process.