International Tower Hill Increases Non-Brokered Private Placement
July 19 2012 - 11:51AM
Marketwired
International Tower Hill Mines Ltd. (TSX:ITH)(NYSE MKT:THM)(NYSE
Amex:THM)(FRANKFURT:IW9) ("ITH" or the "Company") announces that it
has increased the amount of its non-brokered private placement
financing (the "Offering") announced on July 12, 2012.
The Offering will occur in two stages. The first stage will
consist of up to 9,458,308 common shares of the Company at a price
of CAD 2.60 per common share for gross proceeds of up to CAD 24.6
million. This portion of the financing is anticipated to close on
or before August 3, 2012.
The second stage of the Offering will consist of that number of
common shares that, when valued at a price equal to a 10% discount
from the five day volume weighted average price for the common
shares as at September 10, 2012, will equal CAD 5 million
(3,000,000 shares maximum). While this portion of the placement
will be priced 60 days from the announcement of the Offering, the
single placee in the second stage is purchasing CAD 5 million of
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.
It is anticipated that certain insiders of the Company will
participate in the Offering. The Company has determined that there
are exemptions available from the various requirements of
Multilateral Instrument 61-101 for the issuance of any common
shares issued to insiders. The Company will pay a 4% cash finder's
fee in connection with a portion of the Offering.
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
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-MKT.
The Company intends to use the net proceeds of the private
placement for the completion of its bankable Feasibility Study at
the Livengood Gold project in Alaska and for general working
capital purposes.
The common shares 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.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls a 100% interest in
the world-class Livengood Gold Project accessible by paved highway
70 miles north of Fairbanks, Alaska.
On behalf of International Tower Hill Mines Ltd.
Jeffrey A. Pontius, Interim 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 U.S.
securities legislation. 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,
the size and characteristics of, or the discovery and delineation
of, mineral deposits, resources or reserves, the potential for the
expansion of the estimated resources at the Livengood property, the
identification of additional deposits on the Company's Livengood
property, the preparation or completion of a feasibility study, the
optimization of mine or gold recovery plans, the permitting of a
mine at the Livengood project, the potential for a production
decision to be made, the potential commencement of any development
of a mine at Livengood following a production decision, the
Company's business strategies, and the Company's other business and
financing plans and business trends, are forward-looking
statements. Information concerning mineral resource estimates and
the preliminary economic analysis thereof also may be deemed to be
forward-looking statements in that it reflects a prediction of the
mineralization that would be encountered, and the results of mining
it, if a mineral deposit were developed and mined. 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,
proposed, planned, potential 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, the use of proceeds from the
Offering and other risks and uncertainties 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
as 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 Livengood Project.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
NR12-19
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications Direct: 604-343-4799 or
Toll-Free: 1-855-208-4642 Ext. 213szhou@ithmines.com
www.ithmines.com
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