International Tower Hill to Close CAD $24.6 Million First Tranche of its Non-Brokered Private Placement
Vancouver, B.C. – International Tower Hill Mines Ltd. (TSX: ITH, NYSE-MKT: THM, Frankfurt: IW9) (“ITH” or the “Company”) is pleased to announce that it will close the first tranche of its previously announced up to CAD 29.6 million non-brokered private placement financing (the “Offering”) today.
The second stage of the Offering will involve the issuance of up to CAD 5 million of common shares, at a price per share equal to a 10% discount from the five day volume weighted average price for the common shares as at September 10, 2012, subject to a maximum issuance of 3,000,000 shares. The single placee in the second stage is purchasing CAD 5 million of common shares in the first stage of the Offering and has committed to close the second stage portion of the Offering. Closing of the second stage is anticipated on or before September 21, 2012. The Company will pay a 4% cash finder’s fee in connection with the issuance of up to CAD 10 million of shares to this investor.
All common shares issued in the Offering will be subject to a hold period in Canada of four months from the closing of the first or second stage of the Offering, as applicable. All common shares issued in the United States will be subject to resale restrictions under U.S. federal and state securities laws. Completion of the second stage of the Offering is subject to the Company obtaining all necessary regulatory approvals, including acceptance for filing by the Toronto Stock Exchange.
The Company intends to use the net proceeds of the private placement for the completion of its bankable Feasibility Study and continued project advancement at the Livengood Gold project in Alaska as well as for general working capital purposes.
The common shares issued and to be issued in the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable securities laws of any state of the United States and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the common shares to be issued in the Offering, nor shall there be any offer or sale of the common shares to be issued in the Offering 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.
August 3, 2012 (Source: International Tower Hill Ltd.)
Disclosure: International Tower Hill is a past Vulture Bargain Candidate of Interest. Members of the GGR team are actively tracking and may hold speculative long positions in ITH.T or THM.