Trilogy Metals announces a New Large Shareholder and the Company's CEO Significantly Increases his Share Position
VANCOUVER, Dec. 19, 2017 /CNW/ - Trilogy Metals Inc. (TSX/NYSE American: TMQ) ("Trilogy Metals" or "the Company") announces that a wholly-owned subsidiary of South32 Limited (ASX/JSE/LSE: S32) ("South32") has become a new significant shareholder of the Company owning approximately 6.5 million common shares of the Company or approximately 6% of the outstanding common shares. Rick Van Nieuwenhuyse, the Company's Chief Executive Officer has also increased his shareholdings of Trilogy Metals by approximately 1.7 million shares, owning approximately 2.8 million common shares of the Company or approximately 2.6%. South32 and Mr. Van Nieuwenhuyse have purchased shares from a previous shareholder.
Concurrently, Trilogy Metals has given South32 participation rights in future financings to participate at a minimum of 20% to a maximum of 40% in future financings, private or public, to a maximum ownership of 19.9% in the Company. This right expires if South32 does not participate for the lesser of 20%, or that number of shares that would not put them past a 19.9% ownership interest in the Company, in any particular financing.
"We are excited to have South32 as a significant shareholder and joining our other large shareholders: Electrum, Paulson and Baupost. Together with our strong supportive shareholders the Company expects to advance development of the Arctic and Bornite projects in the Ambler mining district. It is an exciting time to be a Trilogy shareholder and I am pleased to personally be ALL-IN on Ambler!", comments Rick Van Nieuwenhuyse, President and CEO of Trilogy Metals.
About Trilogy Metals
Trilogy Metals Inc. is a metals exploration company focused on exploring and developing the Ambler mining district located in northwestern Alaska. It is one of the richest and most-prospective known copper-dominant districts located in one of the safest geopolitical jurisdictions in the world. It hosts world-class polymetallic VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high grade copper mineralization. Exploration efforts have been focused on two deposits in the Ambler mining district - the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within the Company's land package that spans approximately 143,000 hectares. The Company has an agreement with NANA Regional Corporation, Inc., a Regional Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler mining district in cooperation with local communities. Our vision is to develop the Ambler mining district into a premier North American copper producer.