The SPAC has not yet released redemption figures in connection with the vote, but the transaction’s $50 million minimum cash condition was fully covered by a $70 million PIPE at $10 per share.
The parties expect to close the combination July 5 and the combined company’s shares and warrants are to trade on the NYSE the following day under the symbols “LZM” and “LZMW”, respectively.
GoGreen initially announced its $681 million combination with Lifezone in December 2022 and the two sides have since managed an uncommonly smooth path to close in just over six months that required no extension votes.
Lifezone operates the Kabanga mining project in Tanzania, which produces nickel, copper and cobalt primarily for battery manufacturers. It uses proprietary technology to process its mined nickel into battery-grade metal and takes on recycled battery materials as a part of its process.
Earlier this month, the company announced an MOU with a mining peer focused on platinum group metals to create a joint recycling facility using Lifezone’s Hydromet technology.
- BTIG, LLC and Sprott Capital Partners LP acted as placement agents for the PIPE financing.
- Sprott Capital Partners LP also acted as the financial and capital markets advisor to GoGreen Investments.
- Latham & Watkins LLP served as counsel to GoGreen Investments.
- Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal counsel to the placement agents.
- RBC Capital Markets acted as exclusive financial adviser to Lifezone Metals.
- Travers Smith LLP served as UK legal counsel and Cravath, Swaine & Moore LLP served as US legal counsel to Lifezone Metals.
- Mayer Brown LLP acted as legal counsel to RBC Capital Markets.
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