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International Tower Hill Mines Announces US $12 Million Non-Brokered Private Placement and Electrum as New Shareholder
International Tower Hill Mines Announces US $12 Million Non-Brokered Private Placement and...
About this update from International Tower Hill Mines Ltd.
[{"type":"text","content":"\n\n\n\nInternational Tower Hill Mines Announces US $12 Million Non-Brokered Private Placement and Electrum as New Shareholder\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, March 14, 2018\n\n\n\nVANCOUVER, March 14, 2018 /CNW/ - International Tower Hill Mines Ltd. (TSX: ITH, NYSE-American: THM) (\"ITH\" or the \"Company\") announced today that it has completed a non-brokered private placement (the \"Offering\") pursuant to which it has issued 24,000,000 common shares (14.8% of the 162.4 million shares currently issued and outstanding) at a price of US $0.50 per share for aggregate gross proceeds of US $12 million. \n\nThe Company intends to use the proceeds of the Offering for the continuation of optimization studies in efforts to further improve and de-risk the Livengood Gold Project, required environmental baseline studies, and for general working capital purposes.\n\nUnder the Offering, an institutional shareholder that is new to the Company, Electrum Strategic Opportunities Fund II, L.P. (\"Electrum\"), an investment fund managed by The Electrum Group LLC., acquired 19,894,528 shares. The balance of the shares were taken by an existing institutional shareholder of the Company, Paulson & Co. Inc. (\"Paulson\"), which acquired 4,105,472 shares.  Following completion of the Offering, Paulson will own 32.0% of the issued and outstanding shares, while Electrum will hold 10.7%.\n\nThe Company also announced today that it appointed Stuart Harshaw to the Company's board of directors effective April 1, 2018, and intends to nominate Company CEO Karl Hanneman to stand for election to the board of directors at the forthcoming annual general meeting.  Mr. Harshaw is a seasoned mining executive with a successful international career at Vale and Inco.  He earned a BS in Metallurgical Engineering from Queen's University and an MBA from Laurentian University.  \n\nMarcelo Kim, the Chair of the Board, said \"We are delighted to welcome Electrum as a new shareholder of ITH and Mr. Harshaw to the Board. This financing uniquely...