International Tower Hill Mines Ltd. Announces CAD 30,000,000 Non-Brokered Equity Financing
March 16 2010 - 2:13PM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce a
proposed non-brokered financing of up to 5,000,000 common shares of
the Company at a price of CAD 6.00 per common share (the
"Offering") in the United States and Canada. The Company will pay a
6% finder's fee payable in cash and/or common shares on a portion
of the Offering.
All common shares issued in the Offering will have a hold period
in Canada of four months and a day from the closing of the
Offering. 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 Offering is subject to the
Company obtaining all necessary regulatory approvals, including
acceptance for filing by the Toronto Stock Exchange and the
approval of the NYSE Amex.
The net proceeds from the private placement are anticipated to
be used by the Company for the pre-feasibility study on the
Livengood Gold project in Alaska and general working capital.
The common shares have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, (the "U.S. Securities
Act"), or any applicable state securities laws, and may not be
offered or sold in the United States absent such registration or
pursuant to 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 the common shares, nor
shall there be any offer or sale of the common shares 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. is a resource exploration
company, focused in Alaska and Nevada, which controls a number of
exploration projects representing a spectrum of early stage to the
advanced exploration projects, including the Livengood Gold
project.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 27E of
the Exchange Act. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated completion of the Offering and
the proposed use of the proceeds of the Offering by the Company,
are forward-looking statements. Although the Company believes that
such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or
are those, which, by their nature, refer to future events. The
Company cautions investors that any forward-looking statements by
the Company are not guarantees of future results or performance,
and that actual results may differ materially from those in forward
looking statements as a result of various factors, including, but
not limited to, risks associated with the timing and pricing of the
Offering, completion of the Offering, regulatory
approval/acceptance of the Offering, and the use of proceeds from
the Offering. Other risks and uncertainties are disclosed in the
Company's annual information form filed with certain Canadian
securities commissions and its annual report on Form 40-F filed
with the United States Securities and Exchange Commission, and
other information released by the Company and filed with the
appropriate regulatory agencies. All of the Company's Canadian
public disclosure filings may be accessed via www.sedar.com and its
United States public disclosure filings may be accessed via
www.sec.gov, and readers are urged to review these materials,
including the technical reports filed with respect to the Company's
mineral properties.
NR10-08
Contacts: International Tower Hill Mines Ltd. Quentin Mai
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604)683-6332 (604) 408-7499 (FAX)
qmai@internationaltowerhill.com www.internationaltowerhill.com
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