International Tower Hill Mines Launches $60 Million Public Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6d ago
0mins
Source: Newsfilter
- Offering Size: International Tower Hill Mines has announced a $60 million public offering of common shares in the U.S., expected to provide funding for the exploration and development of the Livengood Gold Project.
- Private Placement: Paulson & Co. has agreed to purchase $40 million of common shares at the public offering price, demonstrating strong confidence in the company's projects and providing additional financial support for the offering.
- Use of Proceeds: The net proceeds from the offering and the private placement will be allocated to critical activities such as drilling, feasibility studies, and baseline environmental studies for the Livengood Gold Project, aimed at advancing the project and enhancing overall company value.
- Underwriting Arrangement: BMO Capital Markets will act as the lead underwriter for the offering and has been granted an option to purchase up to 15% additional shares, further bolstering market confidence in the offering.
Discover Tomorrow's Bullish Stocks Today
Receive free daily stock recommendations and professional analysis to optimize your portfolio's potential.
Sign up now to unlock expert insights and stay one step ahead of the market trends.
Analyst Views on THM
About THM
International Tower Hill Mines Ltd. is a Canada-based company. The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. It has 100% interest in its Livengood Gold Project, located in the Tintina gold belt approximately 70 miles (113 kilometers) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. The Company's subsidiaries include Tower Hill Mines, Inc., Tower Hill Mines (US) LLC, and Livengood Placers, Inc.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
International Tower Hill Mines Completes Upsized Public Offering
- Successful Public Offering: International Tower Hill Mines has successfully completed an upsized public offering of 33.67 million shares at a price of $2.22 per share, expected to generate $74.8 million in gross proceeds, significantly enhancing its financial capacity for future project development.
- Concurrent Private Placement: The company simultaneously closed a $40 million private placement of 18.02 million shares, resulting in total gross proceeds of $114.8 million from both offerings, providing ample funding for the exploration and development of the Livengood Gold Project.
- Clear Use of Proceeds: The proceeds from the offerings will be allocated to drilling, feasibility studies, and baseline environmental studies for the Livengood Gold Project, ensuring smooth project advancement and enhancing the company's competitiveness in the gold mining sector.
- Compliance with Related Party Transactions: As Paulson and other participants are related parties, the issuance of shares is classified as related party transactions, with the company relying on exemptions under MI 61-101 to ensure compliance and transparency.
Continue Reading
Gold Prices Soar to New Heights, Exceeding $5,300 an Ounce Before FOMC Meeting
Market Surge: Spot gold prices have surged above $5,300, setting new records in the market.
FOMC Meeting Anticipation: The increase in gold prices comes ahead of the upcoming Federal Open Market Committee (FOMC) meeting.
Continue Reading