Trilogy Metals Announces Private Placement Financing with Major Shareholders

▤ Summary

VANCOUVER, BC, April 18, 2023 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: 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; ADR: 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 Companys President and Chief Executive Officer and others have also indicated their intention to subscribe in the Private Placement. On December 19, 2019, South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. Important factors that could cause actual results to differ materially from the Companys expectations include the ability to complete the Private Placement, receipt of regulatory approvals and other risks and uncertainties disclosed in the Companys Annual Report on Form 10-K for the year ended November 30, 2022 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

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Trilogy

$100M to $250M