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International Tower Hill Mines raising US$22M for Livengood gold property

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International Tower Hill Mines raising US$22M for Livengood gold property

International Tower Hill Mines Ltd. is raising US$22 million to advance its Livengood gold property in Alaska.

The company is undertaking a nonbrokered private placement of 45,833,334 common shares to existing shareholders, priced at 48 cents apiece.

Paulson & Co. Inc, Tocqueville Asset Management LP and AngloGold Ashanti (U.S.A.) Exploration Inc., current institutional shareholders of International Tower Hill, are subscribing to the offering. Upon completion, Paulson will beneficially own approximately 34.2% of the company's shares, while Tocqueville will own 19.7% and AngloGold will own 9.5%.

The company will appoint one Paulson nominee to its board upon closing of the placement and two nominees after the next shareholder meeting.

International Tower Hill noted that a final payment related to the acquisition of certain mining claims and related rights in the vicinity of the Livengood property is due in January 2017, which totaled approximately US$14.8 million as of the end of September.

The company will also use the funds to complete optimization and environmental baseline studies related to the project as well as for general working capital.

International Tower Hill completed a pre-feasibility study on an optimized configuration for Livengood in September, reducing development costs. The operation is expected to produce 6.8 million ounces of gold over 23 years.