28 Mar 2024capital raising announcement● NeutralMajor
Lifezone closed in escrow a US$50 million private placement of unsecured convertible debentures with a consortium led by Harry Lundin (Bromma Asset Management) and Rick Rule. They run 48 months at SOFR plus 4.0% (SOFR floor 3.0%), with interest paid in a mix of cash and shares for the first two years and cash after. Holders can convert at US$8.00 per share, so conversion would add shares and dilute existing holders. Proceeds are to advance Kabanga and for general corporate purposes. This is the company's first disclosed debt, since earlier filings showed none.