Trilogy Metals Inc. — Director's Dealing 2019

Jun 28, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Trilogy Metals Inc. (TMQ)
CIK: 0001543418
Period of Report: 2019-06-26

Reporting Person: Electrum Strategic Opportunities Fund L.P. (Possible member of 10% group)
Reporting Person: KAPLAN THOMAS SCOTT (Possible member of 10% group)
Reporting Person: Electrum Group LLC (Possible member of 10% group)
Reporting Person: ESOF GP Ltd. (Possible member of 10% group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-06-26	Common Shares	X	2760870	$1.52	Acquired	29422923	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-06-26	Warrants (right to buy)	$1.52	X	2760870	Disposed	2019-07-02	Common Shares (2760870)	Indirect

Footnotes

F1: On June 26, 2019, Electrum Strategic Opportunities Fund L.P. ("ESOF") acquired 2,760,870 of the Issuer's Common Shares for an aggregate purchase price of $4,196,522, or $1.52 per Common Share.

F2: ESOF is an investment fund, of which The Electrum Group LLC is the investment adviser. ESOF GP Ltd. is the general partner of the sole general partner of ESOF.

F3: In accordance with 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held by ESOF is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if an, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for the purposes of Section 16 or otherwise.