International Tower Hill Mines Ltd. (TSX: ITH, NYSE: THM) announces that it is has arranged a non-brokered private placement financing (the “Offering”) of common shares to raise gross proceeds of up to CAD 25 million.
The Offering will occur in two stages. The first stage will consist of up to 7,692,307 common shares of the Company at a price of CAD 2.60 per common share for gross proceeds of up to CAD 20 million. This portion of the financing is anticipated to close on or before August 3, 2012.
The second stage of the Offering will consist of that number of common shares that, when valued at a price equal to a 10% discount from the five day volume weighted average price for the common shares as at September 10, 2012, will equal up to CAD 5 million (3,000,000 shares maximum). While this portion of the placement will be priced 60 days from the announcement of the Offering, the single placee in the second stage is purchasing CAD 5 million of the first stage of the Offering and has committed to close the second stage portion of the Offering. Closing of the second stage is anticipated on or before September 21, 2012.