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Trilogy Metals (NYSE:TMQ) -5.7% in Wednesday's trading after reporting a $3.6M loss for its fiscal quarter ending in February and said it has substantial doubts about its ability to continue as a going concern.
Trilogy Metals (TMQ) said, as of February 29, it had cash and cash equivalents of $2M and working capital of $1.7M.
The company said it continues cash preservation strategies including reducing marketing, investor conferences and office expenses, its board of directors agreed to take fees in deferred share units, and senior management is taking a portion of their base salaries in shares of the company to preserve cash.
Trilogy (TMQ) said it will need to raise additional funds in the future to support expenses, but there is no assurance it will be able to obtain such financing or obtain it on favorable terms.