VANCOUVER, BC, Oct. 16, 2020 /PRNewswire/ - International Tower
Hill Mines Ltd. (TSX: ITH) (NYSE-American: THM) (the "Company")
today announces that, further to its previous announcement of
September 2, 2020, the Company has
now raised the full US $10.3 million
available pursuant to its At-The-Market ("ATM") offering with B.
Riley Securities, Inc. (the "Offering").
The Company issued a total of 7,334,513 common shares at an
average price of US $1.40 for gross
proceeds of US $10.3 million. The
Company intends to use the net proceeds of the Offering for working
capital and general corporate purposes, including the completion of
the Pre-Feasibility Study ("PFS") announced on July 15, 2020 to further de-risk the Livengood
Gold Project and for environmental baseline studies. Following
completion of the Offering, the Company has 194,908,184 common
shares issued and outstanding.
Karl Hanneman, Chief Executive
Officer, said "With completion of this financing, we ensured that
the Company has more than enough funding to complete the PFS by
October of next year. After completion of the PFS, this financing
also gives us an excellent runway to advance the Livengood Gold
Project in a disciplined and optimum manner for shareholders."
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of these securities in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls a 100% interest of
the 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
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable
Canadian and US securities legislation. All statements, other than
statements of historical fact, included herein, including
statements with respect to the proposed use of the proceeds of the
Offering by the Company, the ability of the Company to carry out
and complete optimization studies with respect to the Livengood
Gold Project, the ability of the Company to advance the Livengood
Gold Project, the potential development of any mine at Livengood,
business and financing plans and business trends are
forward-looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate, proposed, planned,
potential and similar expressions, or are those, which, by their
nature, refer to future events. The Company cautions investors that
any forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward-looking statements as a result of
various factors, including, but not limited to, the use of proceeds
from the Offering, the potential inability of the Company to raise
the necessary capital or to be fully able to implement its business
strategies, and other risks and uncertainties disclosed in the
Company's annual report on Form 10-K and other reports filed with
the United States Securities and Exchange Commission, and certain
securities commissions in Canada
and other information released by the Company and filed with the
appropriate regulatory agencies. All of the Company's Canadian
public disclosure filings may be accessed via www.sedar.com and its
United States public disclosure
filings may be accessed via www.sec.gov, and readers are urged to
review these materials, including the latest technical report filed
with respect to the Livengood Gold Project.
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SOURCE International Tower Hill Mines Ltd.
