International Tower Hill Mines Ltd. (THM) completed a $65 million public offering of common shares and a $40 million private placement with Paulson & Co., bringing gross proceeds to $105 million. The public offering sold 29,280,000 shares at $2.22 each, and the private placement matched that price. Underwriters retain an option to purchase an additional 4,392,000 shares, which could lift total proceeds to roughly $115 million.
The capital raise catapults THM’s cash balance from a modest $2.28 million to a pro‑forma $102.28 million, a 44‑fold increase that removes the liquidity constraints that have historically limited the company’s ability to fund development activities. The stronger balance sheet also reduces the likelihood of future dilutive equity issuances as the Livengood project moves closer to production.
Proceeds will be directed toward the Livengood Gold Project in Alaska, covering drilling, metallurgical studies, feasibility work, baseline environmental studies, detailed engineering for permitting, legal support, community engagement, mineral lease and land payments, acquisitions, and general corporate purposes. These investments are intended to accelerate the project’s development timeline and bring the mine closer to a commercial production phase.
Livengood is one of North America’s largest independent gold‑only deposits, with proven and probable reserves of 430.1 million tonnes at 0.65 g/tonne. The project’s estimated initial capital cost is about $1.93 billion, meaning the $105 million raise is a significant but partial step toward the total financing required for full development.
Paulson & Co., THM’s largest shareholder, exercised its right to participate pro‑rata in the equity offering, underscoring the investor’s confidence in the company’s strategy. The private placement also signals that a key shareholder is willing to support the project’s capital needs without diluting other shareholders’ ownership.
THM remains a development‑stage company with no revenue and a diluted EPS of –$0.06 over the last twelve months. Analysts project that the company will achieve profitability this year, and the new cash position positions THM to pursue the next phases of the Livengood project without relying on additional equity or debt financing.
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