International Tower Hill Mines launches $60 million share offering

International Tower Hill Mines Ltd. (TSX: ITH) (NYSE American: THM) announced a $60 million public offering of common shares in the United States. The company also disclosed that Paulson & Co. Inc. agreed to purchase $40 million of common shares in a concurrent private placement at the public offering price.

BMO Capital Markets will serve as lead book-running manager for the offering. The company granted underwriters an option to purchase additional common shares representing up to 15% of the shares sold in the offering, exercisable within 30 days of closing. If the option is exercised fully, total gross proceeds would reach approximately $109 million.

International Tower Hill Mines stated it expects to use net proceeds to fund exploration and development of the Livengood Gold Project. Specific uses include drilling, metallurgical studies, feasibility studies, baseline environmental studies, detailed engineering for permitting, legal support, community engagement, mineral lease payments, acquisitions and general corporate purposes.

The public offering in the United States will be conducted under the company's effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. The offering may also be conducted in Canada and offshore jurisdictions on a private placement basis according to applicable securities laws.

The concurrent private placement completion depends on customary closing conditions, including completion of the public offering. However, the public offering does not require the private placement to be completed. The private placement shares will not be registered under the Securities Act of 1933.

International Tower Hill Mines holds a 100% interest in its Livengood Gold Project located along the Elliott Highway, 70 miles north of Fairbanks, Alaska.

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