Past News Releases
|October 7, 2005
October 7th, 2005 - International Tower Hill Mines Ltd. (TSX: ITH, OTC BB: ITHMF, BSE: IW9, www.towerhillmines.com) (the "Company") announces that it has arranged a private placement of an aggregate of 1,000,000 units to various investors at a price of $0.20 per unit. Each unit consists of one common share and one share purchase warrant (the "Warrant"). Each one Warrant entitles the holder thereof to purchase one common share at a price of $0.26 per share, exercisable for a period of two years from the date of payment for the units. The 1,000,000 common shares to be issued as part of the units and the 1,000,000 common shares that may be issued upon conversion of the Warrants are subject to a four month hold period from the date of payment for the units. Insiders of the Company will be participating in this financing. The issuance of the private placement units is subject to regulatory acceptance.
The private placement proceeds will be utilized for the payment of outstanding liabilities and for general working capital.
About International Tower Hill Mines Ltd.
The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. The Company is currently in various exploration stages and has interests in properties in British Columbia (Siwash Silver Leases), Canada.
FOR FURTHER INFORMATION:
International Tower Hill Mines Ltd.
Mr. Anton Drescher, President
Tel: (604) 685-1017
Web site: www.towerhillmines.com
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.