International Tower Hill Clarifies Trading of ITH and Corvus Shares from August 26-27, 2010
August 25 2010 - 5:05PM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) wishes to clarify
trading of the common shares of both ITH and Corvus Gold Inc.
("Corvus") for the period of August 26-27, 2010.
For Shareholders trading on the TSX
It is anticipated that ITH and Corvus will not trade on the TSX
as two separate companies until August 30, 2010. In order to
receive Corvus shares, an investor must execute a trade to purchase
ITH common shares on the TSX before Corvus and ITH trade as
separate companies (currently expected to be August 30, 2010).
Specifically, ITH common shares will trade on the TSX as existing
ITH common shares ("Existing ITH Shares" - CUSIP 46051L104) with an
entitlement to Corvus shares from the opening of trading on August
26, 2010 through to at least the closing of trading on August 27,
2010, despite the fact that the effective time for the
implementation of the Plan of Arrangement between ITH and Corvus
will be 12:01 am (Vancouver time) on Thursday, August 26, 2010
("Effective Time"). During this period of time, the price of
Existing ITH Shares on the TSX will likely reflect the price of the
existing Company as if the Plan of Arrangement was not yet
effective. If you sell your Existing ITH Shares on the TSX in this
period you will be selling your entitlement to Corvus shares under
the Plan of Arrangement. After the time that ITH and Corvus trade
as two separate companies (currently anticipated to be the opening
on August 30, 2010, ITH common shares will trade on the TSX as new
ITH common shares ("New ITH Shares") and will no longer represent a
right to receive Corvus shares under the Plan of Arrangement.
For Shareholders trading on the NYSE Amex
ITH will trade on the NYSE Amex as a separate "Post Effective
Time" company beginning at the opening on August 26, 2010. In order
to receive Corvus shares, an investor must execute a trade to
purchase ITH common shares on the NYSE Amex before August 26, 2010.
Specifically, ITH common shares will trade on the NYSE Amex as
Existing ITH Shares with an entitlement to Corvus shares until the
close of trading on August 25, 2010. After the Effective Time,
beginning with the opening of trading on August 26, 2010, ITH
common shares will trade on the NYSE Amex as New ITH Shares and
will no longer represent a right to Corvus shares under the Plan of
Arrangement.
Note that this means the trading on the TSX and the NYSE Amex
will not be in parity from August 26, 2010 until the time that ITH
and Corvus trade as two separate companies on the TSX (currently
anticipated to be the opening on August 30, 2010).
Please refer to the Company's press release dated August 23,
2010 for more detailed information on the Plan of Arrangement,
available on SEDAR at www.sedar.com.
About Corvus Gold Inc. (Post Effective Time)
Corvus Gold Inc. 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 more advanced North
Bullfrog Project in Nevada. Corvus is committed to building
shareholder value through new discoveries while maintaining a
majority interest in its key holdings, thereby giving its
shareholders the maximum value for their investment.
About International Tower Hill Mines Ltd. (Post Effective
Time)
International Tower Hill Mines Ltd. is a resource exploration
company, focused in Alaska, which controls the advanced
multimillion ounce gold discovery at Livengood. ITH is committed to
building shareholder value through aggressively proceeding with the
ongoing development of the Livengood 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 arrangement
spin-out involving the Company and Corvus Gold Inc. and the listing
of the common shares of Corvus on the TSE, 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, the failure of the Company and Corvus to obtain the
final order approving the arrangement or to satisfy the conditions
precedent top the listing of the Corvus shares on the TSE. Other
risks and uncertainties are disclosed in the Company's annual
information form filed with Canadian securities commission 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.
NR10-29
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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