07:27 AM EDT, 05/27/2025 (MT Newswires) -- Trilogy Metals ( TMQ ) on Tuesday said signed an equity distribution agreement with BMO Nesbitt Burns, BMO Capital Markets and Cantor Fitzgerald for an at-the-market equity program.

The company said the distribution agreement will allow it to distribute up to US$25 million or the equivalent in Canadian dollars of its common shares. The shares will be issued to the public through the agents at the company's discretion and will be sold at the prevailing market price at the time of sale. The net proceeds from these sales are expected to be used for continued development of the Upper Kobuk Mineral Projects and for general corporate purposes.

Unless terminated early by the company or the agents, the distribution agreement will terminate upon the earlier of May 14, 2027 and the date that the aggregate gross sales proceeds of the offered shares sold under the ATM program reaches the aggregate amount of US$25 million or the equivalent in Canadian dollars.

U.S.-listed shares of the company were last seen unchanged at $1.26 in pre-market trading.