🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

International Tower Hill Mines enters consulting agreement

EditorLina Guerrero
Published 07/12/2024, 00:24
THM
-

International Tower Hill Mines Ltd. (NYSE American:THM), a metal mining company with a "GOOD" financial health rating according to InvestingPro, has entered into a consulting and stock option agreement with Phenom Ventures LLC, the company disclosed in an SEC filing dated December 2, 2024. Despite showing strong liquidity with a current ratio of 10.37, the company is not currently profitable.

Under the terms of the agreement, Phenom will provide communication services to promote the project and the company's narrative to the investor market. This comes as the stock has experienced a 23% decline over the past six months, with a market beta of 1.04 indicating average market volatility. In return, International Tower Hill Mines will grant Phenom 2.5 million stock options at a price of CAD$0.64, under the company's 2006 Incentive Stock Option Plan.

The options will vest in three stages: 1 million options vested on the date of the agreement, December 2, 2024. Another 500,000 options will vest on June 2, 2025, provided the company's shares outperform the VanEck Junior Gold Miners ETF (NYSE:GDX) (GDXJ Shares) by at least 25%.

The remaining 1 million options will vest between December 2, 2025, and December 2, 2026, if the shares' trading price reaches or exceeds US$1.50 and outperforms the GDXJ Shares by 50% or more.

The consulting agreement is set to terminate on December 2, 2026, or earlier in the event of the consultant's death or incapacity. The company retains the right to terminate the agreement with a 30-day notice if Phenom materially breaches the terms and fails to remedy the breach.

The stock options will expire on the earlier of December 2, 2026, or 90 days after Phenom ceases to provide services under the agreement. Furthermore, Phenom is required to protect the company's confidential information during and after the term of the agreement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.