05:44 PM EDT, 03/27/2024 (MT Newswires) -- Lifezone Metals ( LZM ) said late Wednesday it has closed its $50 million private placement of unsecured convertible debentures.

The debentures were issued to a consortium of mining investors, led by Harry Lundin of Bromma Asset Management and Rick Rule, the company said.

Lifezone said the proceeds will be used to advance the Kabanga Nickel Project and for general corporate purposes.

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