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Message: Closes $10,500,000 Bought Deal Equity Financing
| March 4, 2009 |
| International Tower Hill Mines Ltd. Closes $10,500,000 Bought Deal Equity Financing |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2009) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES International Tower Hill Mines Ltd. ("ITH" or "the Company") (TSX VENTURE:ITH)(NYSE Alternext US:THM)(FRANKFURT:IW9) is pleased to announce that, on March 4, 2009, it closed its previously announced private placement through a syndicate of underwriters led by Canaccord Capital Corporation and including Genuity Capital Markets and GMP Securities L.P. ("Underwriters") and sold an aggregate of 4,200,000 common shares of the Company ("Shares") at a price of $2.50 per Share for gross proceeds of $10,500,000 on a bought deal basis in Canada and a concurrent private placement in the United States to accredited investors (the "Offering"). The Underwriters received a 7% cash commission ($735,000) and 294,000 non-transferrable broker's warrants ("Broker Warrants"). Each Broker Warrant is exercisable to acquire one common share of the Company at $2.95 until September 4, 2010. The Company also paid the Underwriters' expenses and costs of the Offering. All securities issued in the Offering have a hold period in Canada which expires on July 5, 2009. The Company intends to use the net proceeds for continued work on its Livengood Gold project in Alaska, as well as further work on its other Alaskan and Nevada mineral properties and for general working capital. As a result of the Offering, the Company now has 48,529,588 common shares outstanding (approximately 60,793,690 common shares on a fully diluted basis). This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the foregoing securities in the United States. None of the foregoing securities have been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About International Tower Hill Mines Ltd. International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early stage to the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key holdings, thereby giving its shareholders the maximum value for their investment. On behalf of INTERNATIONAL TOWER HILL MINES LTD. Jeffrey A. Pontius, President and Chief Executive Officer |
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