International Tower Hill Mines Announces $2.5M Non-Brokered Private Placement
Portfolio Pulse from Benzinga Newsdesk
International Tower Hill Mines Ltd. (THM) has completed a $2.5M non-brokered private placement, issuing 3,807,911 common shares at $0.664 each to existing major shareholders including Paulson & Co. Inc., Sprott Asset Management USA, Inc., and Kopernik Global Investors, LLC. The proceeds will be used for general working capital purposes. The shares are subject to a hold period in Canada and resale restrictions in the U.S. The transaction is considered a related party transaction, with exemptions from certain requirements.
January 22, 2024 | 1:14 pm
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THM issued new shares in a private placement, raising $2.5M from major shareholders for working capital. The share issuance represents a 1.9% dilution of existing shares.
The private placement is a common financial activity and the funds are for general working capital, which is not unusual. The dilution is modest at 1.9%, and the transaction involves existing major shareholders, which may mitigate the impact on the stock price. The market's reaction may be neutral as the placement was expected and is not significantly altering the company's financial position.
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IMPORTANCE 75
RELEVANCE 100