International Tower Hill Mines announces $3.9M non-brokered private placement

International Tower Hill Mines (THM) announced that it has completed a non-brokered private placement pursuant to which the company issued common shares to existing major shareholders to raise gross proceeds of approximately $3.9M to be used in part to study the massive stibnite antimony mineralization at the Livengood Gold Project. The Private Placement consisted of 8,192,031 common shares of the company, representing approximately 4.1% of the 199.7M shares issued and outstanding prior to the completion of the Private Placement, at a price of $0.4801 per share, the closing price of the company’s common shares on the NYSE American on February 25. The Private Placement was taken up by current institutional shareholders of the company, Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P. and Kopernik Global Investors, LLC on behalf of itself and affiliates. The company intends to use the net proceeds of the Private Placement for working capital and general corporate purposes, including advancing antimony metallurgical studies. Following completion of the Private Placement, the company has 207,885,473 common shares issued and outstanding.