US extends deadline for Trilogy Metals equity stake purchase

Trilogy Metals Inc. said the US is giving the critical minerals miner more time to finalize the Pentagon’s planned $35.6 million equity investment in the company.

Both parties agreed to push back the targeted closing date to July 31 from the previous target of May 31 as they work to finalize transaction documents, Trilogy said Monday in a statement.

The government has completed its foreign ownership review and discussions are continuing on a framework agreement related to financing and construction of the proposed Ambler Road in Alaska, which would provide access to the Ambler mining district.

Shares of Trilogy were 0.9% lower to $4.59 at 9:44 a.m. in New York.

(By Jacob Lorinc)