Trilogy closes US investment supporting Alaska copper projects

Trilogy Metals ($TMQ) completed a $35.6 million strategic investment transaction involving the US government and South32 ($S32). The government obtains a 10% stake in Trilogy, while proceeds received by Trilogy and South32 are committed to their 50:50 Ambler Metals venture. The funding will support work on the Arctic and Bornite mineral projects in Alaska.

South32’s direct holding in Trilogy falls from approximately 10.7% to 6%. The government also receives an option to acquire additional existing Trilogy shares from South32; these are not newly issued shares. Support for efforts to finance the Ambler access road is part of the arrangement, but the announcement does not constitute a fully funded road-construction commitment or approval to begin commercial mining.

Sources:

• Trilogy Metals — closing announcement, PR Newswire