International Tower Hill Mines Closes Upsized US$115 Million Equity Financing, including Full Exercise of Underwriters' Option

Core Viewpoint - International Tower Hill Mines Ltd. has successfully closed a public offering and a concurrent private placement, raising a total of US$114.8 million to fund the exploration and development of the Livengood Gold Project [1][2]. Group 1: Offering Details - The public offering consisted of 33,672,000 common shares priced at US$2.22 per share, generating gross proceeds of US$74.8 million before expenses [1]. - The concurrent private placement involved the sale of 18,018,018 common shares for US$40 million to Paulson & Co. Inc., at the same price as the public offering [1][2]. - An additional purchase of 1,501,982 common shares by Paulson at the same price is expected to generate an extra US$3.3 million, subject to customary closing conditions [5]. Group 2: Use of Proceeds - The net proceeds from both the offering and the private placement will be allocated to various activities related to the Livengood Gold Project, including drilling, feasibility studies, and community engagement [2]. Group 3: Underwriters and Regulatory Compliance - BMO Capital Markets served as the lead book-running manager, with other banks participating as book-running managers for the offering [3]. - The offering was conducted under the Company's effective shelf registration statement with the SEC and also complied with Canadian securities laws [4]. Group 4: Related Party Transactions - The issuance of shares to Paulson and other institutional shareholders is classified as related party transactions under Multilateral Instrument 61-101, with exemptions from formal valuation and minority shareholder approval due to the shares' fair market value being below 25% of the Company's market capitalization [6].