VANCOUVER, BC, March 4,
2025 /CNW/ - International Tower Hill Mines Ltd.
(the "Company") - (TSX: ITH) (NYSE American: THM) today announced
that it has completed a non-brokered private placement (the
"Private Placement") pursuant to which the Company issued common
shares to existing major shareholders to raise gross proceeds of
approximately US$3.9 million to be
used in part to study the massive stibnite antimony mineralization
at the Livengood Gold Project.
The Private Placement consisted of 8,192,031 common shares of
the Company, representing approximately 4.1% of the 199.7 million
shares issued and outstanding prior to the completion of the
Private Placement, at a price of US$0.4801 per share, the closing price of the
Company's common shares on the NYSE American on February 25, 2025. The Private Placement was
taken up by current institutional shareholders of the Company,
Paulson & Co. Inc., Electrum Strategic Opportunities Fund II
L.P. and Kopernik Global Investors, LLC on behalf of itself and
affiliates. The Company intends to use the net proceeds of the
Private Placement for working capital and general corporate
purposes, including advancing antimony metallurgical studies.
Following completion of the Private Placement, the Company has
207,885,473 common shares issued and outstanding.
The Company's most recent S-K 1300 Technical Report Summary,
"Pre-Feasibility Study of the Livengood Gold Project", as amended
October 13, 2023, presented a new
geologic model for the Livengood deposit and detailed gold
metallurgical work that allowed the relationship between gold
recovery and antimony mineralization to be characterized. During
this geological modelling process, 54 veins of massive stibnite
were detailed with antimony grades ranging up to 6.9%, as presented
in Table 11-8 "Livengood deposit massive stibnite grade estimates"
of the S-K 1300 Technical Report Summary. While the pre-feasibility
study detailed the 9.0 million ounce of gold reserve and 6.4
million ounces of gold production projected over 21 years, no
metallurgical studies were completed to provide an understanding of
whether antimony might be recoverable from the massive stibnite
veins.
Karl Hanneman, Chief Executive
Officer, said "Record gold prices combined with our large gold
reserve are presenting an improving value proposition for our
Livengood Gold Project. In addition, changing world geopolitics
have resulted in increased awareness in the United States of the importance of
critical and strategic minerals, including antimony, for our
national defense and economy. The market price of antimony has
increased to record highs and therefore the significant occurrence
of antimony known to exist within our Livengood Gold Project now
warrants some of our attention. Thus, we intend to use a portion of
this financing to begin the evaluation of whether this antimony
could be recovered in a way such that the production of antimony
over the long life of the project might add value to the project
and contribute to the critical and strategic mineral needs of
the United States. We appreciate
the support of our major shareholders, who understand that this new
opportunity only adds to the potential of our large gold reserve,
which is getting more exciting each day."
The Private Placement complied with the requirements of the
Toronto Stock Exchange ("TSX") and the NYSE American. The Company
relied on the exemption set forth in section 602.1 of the TSX
Company Manual, which provides that the TSX will not apply its
standards to certain transactions involving eligible interlisted
issuers listed on a recognized exchange, such as the NYSE
American.
As some of the institutional shareholders qualify as related
parties of the Company, the Private Placement was a "related party
transaction" within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying upon
exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 on the basis that the fair
market value of the shares issued does not exceed 25% of the
Company's current market capitalization.
The offer and sale of the foregoing securities was made in a
transaction not involving a public offering, and the securities
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or applicable state securities laws
and have not been and will not be qualified for sale to the public
by prospectus under applicable Canadian securities laws.
Accordingly, the securities may not be reoffered or resold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws and in Canada except pursuant to an exemption from
the prospectus requirements of applicable Canadian securities
laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the common shares issued in
the Private Placement, nor shall there be any offer or sale of the
common shares issued in the Private Placement in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, as amended, Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, and "forward-looking information" within the meaning of
applicable Canadian securities laws (collectively, "forward-looking
statements"). Such forward-looking statements involve known and
unknown risks, uncertainties, and other factors that could cause
the actual results of the Company to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements containing the terms "intends," "estimates,"
"may," "might", "will," or other similar expressions to be
uncertain and forward-looking. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The forward-looking
statements in this press release, including statements regarding
the financing, the total investment amount raised in connection
with the financing, the use of proceeds, and estimates of the
quality and quantity of the mineral resources at the Livengood Gold
Project, including gold and antimony, and potential need for
antimony in the United States, are
based upon the Company's current expectations and involve
assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties,
including, without limitation: (i) the demand for, and level and
volatility of the price of, gold, (ii) general business and
economic conditions, (iii) the accuracy of the Company's resource
estimates (including with respect to size and grade) and the
geological, operational and price assumptions on which these are
based, (iv) the timing of the Company's ability to commence and
complete planned work programs at the Livengood Gold Project,
including the antimony study, (v) the Company's ability to attract
and retain key staff, particularly in connection with the
permitting and development of any mine at the Livengood Gold
Project, and (vi) the Company's ability to secure the necessary
services and supplies on favorable terms in connection with its
programs at the Livengood Gold Project and other activities. The
foregoing list of important factors that could cause actual events
to differ from expectations should not be construed as exhaustive
and should be read in conjunction with statements that are included
herein and elsewhere, including the risk factors detailed in the
"Forward-Looking Statements," "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's Annual Report on Form 10-K
for the fiscal year ended December 31,
2024, Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2024, the Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2024, and the Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2024, and other documents that have
been and will be filed by the Company from time to time with the
Securities and Exchange Commission and Canadian securities
regulators. All forward-looking statements contained in this press
release speak only as of the date on which they were made. The
Company undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made, except as required by applicable
securities laws.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in its
Livengood Gold Project located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L.
Hanneman
Chief Executive Officer
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SOURCE International Tower Hill Mines Ltd.
