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Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) ("Trilogy" or the "Company") is pleased to announce that the Company intends to enter into a non-brokered private placement lead by its two largest shareholders to issue approximately 5,854,545 million common shares at a price of US$0.55 per common share, raising gross proceeds of approximately US$3.22 million ("Private Placement").
Electrum Strategic Opportunities Fund L.P. ("Electrum") and a wholly owned subsidiary of South32 Limited ((ASX, LSE, JSE: S32, OTC:SOUHY) ("South32") have indicated their intention to subscribe for US$1.2 million each under the Private Placement. In addition to Electrum and South32, Tony Giardini, the Company's President and Chief Executive Officer and others have also indicated their intention to subscribe in the Private Placement. Electrum, South32 and Mr. Giardini are affiliates or insiders of Trilogy.
Electrum currently holds 20.4% of the Company's issued and outstanding common shares and will hold 21.0% after the Private Placement. South32 currently holds 11.0% of the Company's issued and outstanding common shares and will hold 12.0% after the Private Placement. The Company intends to issue approximately 5,854,545 common shares or 3.9% of the current issued and outstanding common shares.
Proceeds from the Private Placement will be used for general corporate purposes.
