By Laura Lutz
Des Moines, April 11 - International Tower Hill Mines Inc. announced plans for a C$2.88 million non-brokered private placement of units.
The deal is expected to include 1.2 million units of one share and one transferable warrant at C$2.40 per unit. Each warrant will be exercisable at C$3.00 for two years.
Expiry of the warrants may be accelerated to 30 days if the daily volume-weighted average trading price of the company's shares exceeds C$4.50 for at least 20 consecutive trading days.
This placement is in addition to the C$9.6 million brokered offering on similar terms that the company announced on Tuesday.
Proceeds will be used for acquisition payments and exploration on the company's Alaska and Nevada properties, for future acquisitions and for working capital.
International Tower is a resource exploration company based in Vancouver, B.C.
| Issuer: | International Tower Hill Mines Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2.88 million
|
| Units: | 1.2 million
|
| Price: | C$2.40
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.00
|
| Agent: | Non-brokered
|
| Pricing date: | April 11
|
| Stock symbol: | TSX Venture: ITH
|
| Stock price: | C$2.60 at close April 10
|
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