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International Tower Hill Mines Announces $7.9 Million Participation by Existing Major Shareholders in US $10.3 Million Public ATM Offering
International Tower Hill Mines Announces $7.9 Million Participation by Existing Major Shar...
About this update from International Tower Hill Mines Ltd.
[{"type":"text","content":"\n\n\n\nInternational Tower Hill Mines Announces $7.9 Million Participation by Existing Major Shareholders in US $10.3 Million Public ATM Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Sept. 2, 2020\n\n\n\nVANCOUVER, BC, Sept. 2, 2020 /CNW/ - International Tower Hill Mines Ltd. (TSX: ITH) (NYSE-American: THM) (the \"Company\") announced today that its existing three largest shareholders have each taken their pro-rata share of a US $10.3 million At-The-Market (\"ATM\") Offering, pursuant to which the Company has issued 5,670,997 common shares (representing 3% of the 187.6 million shares previously issued and outstanding) at the September 1, 2020 closing market price of US $1.40 per share for aggregate gross proceeds of US $7.9 million.\nOn August 31, 2020, the Company entered into a sales agreement with B. Riley Securities, Inc. (\"B. Riley\"), pursuant to which the Company will be entitled, at its discretion and from time-to-time during the term of the sales agreement, to sell through B. Riley such number of common shares of the Company as would result in aggregate gross proceeds to the Company of up to US $10.3 million (the \"Offering\"). No offers or sales of common shares will be made in Canada through the facilities of the Toronto Stock Exchange or other trading markets.\nUnder the already closed portion of the Offering, each of the existing three largest shareholders of the Company elected to purchase their pro-rata share: Paulson & Co. Inc. (\"Paulson\"), which acquired 2,337,410 shares, Sprott Asset Management USA (\"Sprott\"), which acquired 1,111,386 shares, and Electrum Strategic Opportunities Fund II, L.P. (\"Electrum\"), which acquired 1,042,201 shares. Kopernik Global Investors LLC (\"Kopernik\"), the Company's fourth largest shareholder, elected to increase its participation by several times its pro-rata share, and acquired 1,180,000 shares. Following completion of the Offering, it is anticipated that Paulson will own approximately 31.8% of the issued and outstanding shares, Sprott will own 15.1%, Electru...