International Tower Hill Mines raises $115M in equity financing

International Tower Hill Mines Ltd. (TSX: ITH) (NYSE American: THM) completed an upsized public offering of 33.7 million common shares at $2.22 per share, generating gross proceeds of $74.8 million. The offering included the full exercise of underwriters' option to purchase an additional 4.4 million shares.

Concurrent with the public offering, the company closed a $40 million private placement with Paulson & Co. Inc., issuing 18 million shares at the same price. Combined, the transactions raised $114.8 million in gross proceeds for the Vancouver-based mining company.

The company stated it will use the net proceeds to fund exploration and development of the Livengood Gold Project in Alaska, including drilling, metallurgical studies, feasibility studies, environmental studies, engineering work for permitting, and general corporate purposes.

BMO Capital Markets served as lead book-running manager, with National Bank of Canada Capital Markets, RBC Capital Markets, Cantor and Scotiabank acting as book-running managers for the offering.

Following the closing, Paulson agreed to purchase an additional 1.5 million shares for $3.3 million to maintain its proportional investment after the offering's upsize. This subsequent private placement remains subject to customary closing conditions and stock exchange approvals.

The public offering in the United States was conducted under the company's effective shelf registration statement filed with the Securities and Exchange Commission. The offering was also conducted in Canada and offshore jurisdictions through private placements.

International Tower Hill Mines holds a 100% interest in the Livengood Gold Project, located 70 miles north of Fairbanks, Alaska, along the Elliott Highway.

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