International Tower Hill Mines Ltd. Announces Closing of CAD 105,375,000 in Equity Financings
November 10 2010 - 9:12AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce
that the Company has closed the bought deal short form prospectus
financing announced September 28, 2010 (the "Offering"). The
Company issued 10,400,000 common shares at a price of CAD 6.25 per
common share for gross proceeds of CAD 65,000,000. The syndicate of
underwriters (the "Underwriters") also exercised their
over-allotment option to acquire an additional 1,560,000 common
shares for additional gross proceeds of CAD 9,750,000. Including
the proceeds from the exercise of the over-allotment option, the
total gross proceeds of the Offering were CAD 74,750,000.
In connection with the Offering, the Underwriters received a
cash commission of 5% of the gross proceeds raised through the
Offering.
In addition, the Company also announces the closing of a
non-brokered private placement of 4,900,000 common shares at a
price of CAD 6.25 per common share, for gross proceeds of CDN
30,625,000 (the "Private Placement"). No finder's fee was paid in
connection with the Private Placement. All common shares issued in
the Private Placement are subject to resale restrictions in Canada
and the United States.
The Company intends to use the net proceeds from the two
financings for continued work on its Livengood Gold project in
Alaska and for general working capital purposes.
The securities described above have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"1933 Act") or any applicable state securities laws 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 nor shall there be any sale of the
foregoing securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration
company focused on the ongoing development of the advanced,
multimillion-ounce gold discovery at Livengood in Alaska. ITH is
committed to the aggressive development of the Livengood Project,
thereby giving its shareholders the maximum value for their
investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated use of the proceeds of the
Offering and the Private Placement 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 the use of proceeds from the Offering and Private
Placement. Other risks and uncertainties are disclosed in the
Company's Annual Information Form filed with certain securities
commissions in Canada and the Company's annual report on Form 40-F
filed with the United States Securities and Exchange Commission
(the "SEC"), 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.
NR10-36US
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 International Tower Hill Mines Ltd.
Shirley Zhou Manager - Corporate Communications 1-888-770-7488
(toll free) or (604) 638-3246 (604) 408-7499 (FAX)
szhou@internationaltowerhill.com www.internationaltowerhill.com
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