International Tower Hill Mines Launches $60M Public Offering
International Tower Hill Mines announced the launch of a $60M public offering of common shares, without par value, of the company in the United States. In connection with the offering, Paulson & Co. has entered into an agreement to purchase $40M of common shares in a private placement at the public offering price of the offering. The company expects to use the net proceeds of the offering and the concurrent private placement to fund the exploration and development of the Livengood Gold Project, including drilling, metallurgical studies, feasibility studies, technical studies, baseline environmental studies, detailed engineering in support of permitting, permitting, legal support, community engagement, mineral lease and land payments, acquisitions and general corporate purposes. The common shares will be offered by the company with BMO Capital Markets acting as lead book-running manager.
Discover Tomorrow's Bullish Stocks Today
Analyst Views on THM
About THM
About the author
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.
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.
