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Three Major Shareholders Participated in $10.3 Million Public ATM Offering By International Tower Hill Mines Ltd. (THM)

International Tower Hill Mines Ltd. (THM) recently completed a portion of an At-The-Market (“ATM”) Offering of worth $10.3 million providing each of its three largest shareholders with shares as per ratio of their existing investment in the company.

The company on September 2, 2020 issued 5,670,997 common shares at previous-day closing price of $1.40 per share. The issued shares were the 3% of the 187.6 million of company’s previously issued shares which brought in aggregate gross proceeds of $7.9 million to the company.

THM on August 31, 2020 signed a sale agreement with B. Riley Securities, Inc. The sale agreement was to sell such number of its common shares through the securities company which would result in aggregate gross proceeds of up to US $10.3 million to the company. As per the sales agreement, the company was entitled to sell shares on its own discretion and from time to time during the term of the agreement. The company also agreed not to offer or sell its common shares through the Toronto Stock Exchange or any other trading markets in Canada.

In the offering each of the company’s three existing largest shareholders namely Paulson & Co. Inc., Sprott Asset Management USA, and Electrum Strategic Opportunities Fund II, L.P. elected to purchase their pro-rata share.

Paulson acquired 2,337,410 shares to increase its stake in the company to 31%, while Sprott acquired 2,337,410 shares to hold 15.1% stake in the company. Electrum acquired 1,042,201 shares which brought its share in the company to the extent of 14.2%.

Moreover, the company’s fourth largest shareholder, Kopernik Global Investors LLC elected to increase its participation by several times its pro-rata share. Kopernik acquired 1,180,000 shares to own 4.6% of the stake in the company.

THM is intending raising an additional $2.4 million through the ATM subject to the favorable market condition.

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