Battery metal producer Lifezone Metals said today that it will combine with GoGreen Investments, a publicly-listed special acquisition company (SPAC), and list on the New York Stock Exchange.
Lifezone is partnering with BHP Billiton on the Kabanga nickel project. It is also advancing processing capabilities.
The transaction values the combined company at a pro forma implied equity value of approximately $1.0 billion with total net proceeds of $318 million. Including the net proceeds from the transaction and existing cash on Lifezone’s balance sheet, Lifezone would have over $357 million of cash at transaction close.
"Lifezone Metals pairs one of the largest and highest-grade undeveloped nickel sulphide deposits in the world with proprietary green-processing technology," writes Lifezone describing its business.
Chris Showalter, CEO of Lifezone, will continue as CEO. Keith Liddell, founder of Lifezone, will serve as the Chairman of the Lifezone Metals Board, and Michael Sedoy, CFO of GoGreen, will join Lifezone Metals as interim CFO.
