The targeted closing date for the US Government's planned US$35.6 million investment in Trilogy Metals (TMQ.TO) has been extended to July 31 from May 31 to account for the time required to finalize definitive documentation, Trilogy said Monday.
Trilogy expects to close the transaction on or before July 31.
Since announcing the investment, Trilogy Metals and Ambler Metals, the company's 50/50 joint venture with South32, are continuing discussions regarding the transaction, including a framework agreement for the proposed 211-mile road for the Ambler mining district.
The U.S. Government has also completed its Foreign Ownership, Control or Influence risk assessment of Trilogy Metals, enabling the parties to finalize the definitive agreements required for closing.
In addition, the U.S. Congress has reauthorized the Defense Production Act to provide foundation for government's strategic equity investment program in Trilogy and other domestic critical mineral companies.
"This investment from the U.S. Government signifies the strategic importance to American critical mineral supply chain security, and we remain fully committed to closing on this schedule," Trilogy President and Chief Executive Officer Tony Giardini said.