International Tower Hill Mines Upsizes Offering to 29.29M Shares, Raising Over $105M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 9h ago
0mins
Source: seekingalpha
- Upsized Offering: International Tower Hill Mines has upsized its offering to 29.29 million shares at a public price of $2.22 per share, with total gross proceeds expected to reach approximately $105 million, significantly enhancing the company's financial capacity for future growth.
- Private Placement Agreement: Paulson & Co. Inc. has agreed to purchase $40 million shares at the public offering price, further boosting total proceeds and demonstrating confidence in the company's future potential while providing funding for the development of the Livengood Gold Project.
- Clear Use of Proceeds: The net proceeds from the offering and private placement will be allocated to the exploration and development of the Livengood Gold Project and general corporate purposes, ensuring sustained investment and strategic positioning in resource development.
- Underwriters' Option: The underwriters have an option to purchase up to 15% additional shares, potentially raising total proceeds to $115 million if exercised, which would further enhance the company's financial flexibility and market competitiveness.
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.
