VANCOUVER, BC, Jan. 22,
2024 /PRNewswire/ - International Tower Hill
Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM) today
announced that it has completed a non-brokered private placement
(the "Private Placement") pursuant to which it has issued common
shares to existing major shareholders to raise gross proceeds of
approximately USD $2.5 million.
The Private Placement consisted of 3,807,911 common shares of
the Company, representing approximately 1.9% of the 195.9 million
common shares issued and outstanding prior to the completion of the
Private Placement, at a price of USD$0.664 per common share, the closing price of
the Company's common shares on the NYSE American on January 12, 2024. The Private Placement was
taken up by current institutional shareholders of the Company,
Paulson & Co. Inc., Sprott Asset Management USA, Inc., and Kopernik Global Investors, LLC
on behalf of Heptagon plc Kopernik Global All-Cap Equity Fund. The
Company intends to use the net proceeds of the Private Placement
for general working capital purposes. Following completion of the
Private Placement, the Company has 199,693,442 common shares issued
and outstanding.
Karl Hanneman, Chief Executive
Officer, said "This modest financing was completed with respect for
our current shareholders to minimize dilution and reflects our low
G&A expenses as we position the Livengood Gold Project to
respond to a strong gold market. We remain appreciative of
our major shareholders who recognize the great leverage that the
Livengood Gold Project offers in a rising gold market, given the
size of the gold resource, its unique and positive fundamentals,
and our land status and proximity to Fairbanks."
The Private Placement has received the required regulatory
approvals including approval of the Toronto Stock Exchange and the
NYSE American. All common shares issued in the Private Placement
are subject to a hold period in Canada of four months and one day from the
closing of the Private Placement. All common shares issued in
the United States will be subject
to resale restrictions under U.S. federal and state securities
laws.
As certain of the institutional shareholders qualify as related
parties of the Company, the Private Placement was a "related party
transaction" within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying upon
exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 on the basis that the fair
market value of the shares issued to such shareholders does not
exceed 25% of the Company's current market capitalization.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the common shares issued in
the Private Placement, nor shall there be any offer or sale of the
common shares issued in the Private Placement in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
About International Tower Hill
Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in its
Livengood Gold Project located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L.
Hanneman
Chief Executive Officer
This news release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
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SOURCE International Tower Hill Mines Ltd.