Business
International Tower Hill Mines Ltd. Announces Bought Deal Equity Financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from International Tower Hill Mines Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\nDISSEMINATION IN THE UNITED STATES/\n\n\nVANCOUVER, Feb. 12 /CNW/ - International Tower Hill Mines Ltd. ("ITH" or\n"the Company") - (TSXV: ITH, NYSE-A: THM, Frankfurt: IW9) is pleased to\nannounce that it has entered into an agreement with a syndicate of\nunderwriters led by Canaccord Capital Corporation and including Genuity\nCapital Markets and GMP Securities L.P. ("Underwriters") to sell an aggregate\nof 2,000,000 common shares of the Company ("Shares") at a price of $2.50 per\nShare for gross proceeds of $5,000,000 on a bought deal basis in Canada and a\nconcurrent private placement in the United States to institutional accredited\ninvestors (the "Offering"). The Company has also granted the Underwriters an\noption (the "Over Allotment Option") to purchase up to an additional 2,000,000\ncommon shares of the Company ("Over Allotment Shares") at a price of $2.50 per\nOver Allotment Share to cover over allotments. The Over Allotment Option is\nexercisable by the Underwriters, in whole or in part, at any time up to 48\nhours before closing of the Offering.\n\n\nThe Underwriters will be paid a commission in cash and non-transferrable\nbroker's warrants. The Offering is expected to close on or around March 4,\n2009.\n\n\nCompletion of the Offering is subject to the completion of satisfactory\ndue diligence by the Underwriters with respect to the Company, completion and\nexecution of a formal underwriting agreement and acceptance for filing by the\nTSXV and NYSE-A on behalf of the Company.\n\n\nThe Company intends to use the net proceeds for continued work on its\nLivengood Gold project in Alaska, as well as further work on its other Alaskan\nand Nevada mineral properties and for general working capital.\n\n\nThe Offered Securities have not been and will not be registered under the\nU.S. Securities Act of 1933 (the "1933 Act") and may not be offered or sold in\nthe United States or to, or for the account or benefit of, U.S. persons (as\ndefined in Regulation S under the 1933 Act) absent registration or an\napplicable exemption from registration requirements. This press release shall\nnot constitute an offer to sell or the solicitation of an offer to buy nor\nshall there be any sale...