VANCOUVER – International Tower Hill Mines Ltd. (TSX:ITH) (NYSE American:THM) announced Tuesday it has closed its upsized public offering of 33,672,000 common shares at US$2.22 per share, raising US$74.8 million in gross proceeds. The offering price sits slightly below the current trading price of $2.40, with InvestingPro data showing the stock has delivered an impressive 55.38% return over the past year.
The offering included 4,392,000 shares issued through the full exercise of the underwriters’ option to purchase additional shares. Concurrent with the public offering, the company closed a US$40 million private placement of 18,018,018 shares to Paulson & Co. Inc. at the same price.
In a separate transaction on Tuesday, Paulson subscribed to purchase an additional 1,501,982 shares at US$2.22 each for US$3.3 million, bringing the total financing to US$114.8 million.
BMO Capital Markets led the offering as book-running manager, with National Bank of Canada Capital Markets, RBC Capital Markets, Cantor and Scotiabank also serving as book-running managers.
The company plans to use the proceeds to fund exploration and development of its Livengood Gold Project in Alaska, including drilling, metallurgical studies, feasibility work, environmental studies, engineering, permitting, and land payments. According to InvestingPro data, International Tower Hill Mines is currently not profitable, with a negative EPS of -$0.06 over the last twelve months. However, analysts forecast the company to achieve profitability this year with an EPS of $0.17, potentially signaling a turning point for the gold developer.
International Tower Hill Mines owns 100% of the Livengood Gold Project, located 70 miles north of Fairbanks along the Elliott Highway.
The public offering was made pursuant to the company’s shelf registration statement previously filed with the SEC. The private placements were conducted in accordance with applicable securities laws, with the company relying on exemptions from certain TSX requirements for eligible interlisted issuers.
According to the press release statement, the transactions involving Paulson and certain institutional shareholders were considered “related party transactions” under Canadian securities regulations.
In other recent news, International Tower Hill Mines Ltd. has announced a significant development involving a $105 million share offering. The company plans to raise this amount through a public offering of 29,280,000 common shares priced at $2.22 each, alongside a $40 million private placement with Paulson & Co. Inc. This move is aimed at bolstering the company’s financial resources. Meanwhile, Ithaca Energy has reported its Q3 2025 earnings, showcasing a robust financial performance with a standalone profit of $98.5 million and maintaining strong liquidity with $1.7 billion available. In a separate development, Goldman Sachs has downgraded Ithaca Energy from Neutral to Sell, citing valuation concerns after the company’s shares rose 111% year-to-date. These recent developments highlight the dynamic nature of the market and the strategic decisions companies are making to navigate it.
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