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Electrum Strategic ups stake in International Tower to 14.3%

Electrum Strategic Opportunities Fund II LP said March 29 that it increased its interest in International Tower Hill Mines Ltd. to 14.26%, from 10.67% previously.

The mining-focused private equity fund purchased 6,676,852 common shares of International Tower at 50 U.S. cents per share for about US$3.3 million in total.

The Electrum Group LLC's investment fund previously secured the about 10.7% interest in the company through a US$12 million nonbrokered private placement in mid March.

International Tower owns the Livengood gold project in Alaska.