International Tower Hill Mines Ltd. (THM) completed an upsized public offering of 33,672,000 common shares at $2.22 each, raising $74.8 million before fees. The underwriters exercised their option to issue an additional 4,392,000 shares, bringing the total public issuance to 33,672,000 shares.
In parallel, THM closed a private placement of 18,018,018 shares to Paulson & Co. at the same $2.22 price, generating $40 million. A subsequent private placement of 1,501,982 shares to Paulson for $3.3 million was also completed, bringing total gross proceeds to $118.1 million.
The capital raised will be directed toward the Livengood Gold Project in Alaska, covering drilling, metallurgical studies, feasibility work, environmental baseline studies, permitting support, community engagement, and general corporate purposes. The infusion extends THM’s runway and supports its strategy to advance the project toward production.
Financially, THM has not yet achieved profitability, reporting a negative EPS of $0.06 over the last twelve months. Analysts project a positive EPS of $0.17 for the current year. The financing strengthens the balance sheet, reduces near‑term cash pressure, and signals strong institutional confidence, with Paulson & Co. now holding roughly 34% of the company’s outstanding shares. The deal positions THM to de‑risk the Livengood project and move closer to a potential first‑production milestone.
The upsized equity financing demonstrates THM’s ability to secure significant capital in a competitive junior‑mining environment, reinforcing its long‑term growth prospects and providing the financial foundation needed to advance the Livengood Gold Project through critical de‑risking stages.
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