INTERNATIONAL TOWER HILL MINES LTD.
NOTICE OF CHANGE IN YEAR END
January 16, 2012
To: | British Columbia Securities Commission |
Alberta Securities Commission | |
Ontario Securities Commission |
Dear Sirs:
Re: | International Tower Hill Mines Ltd. (the “Company) – Notice Pursuant to Section |
4.8 of National Instrument 51-102 (“NI 51-102”) |
We write pursuant to Section 4.8 of NI 51-102 to advise of the Company’s intent to change its year end from May 31 to December 31. Capitalized terms used herein and not defined herein have the meanings ascribed to such terms in NI 51-102.
We advise as follows:
1. | Change in Financial Year-End |
The Company has determined to change the fiscal year-end of the Company from May 31 to December 31, effective January 11, 2012. | |
2. | Reason for the Change |
This change will better align the Company’s financial reporting with its operational and budgeting cycle as well as align the financial reporting to those of other industry participants in the mineral resource exploration, development and production sectors (who typically have December 31st fiscal year ends) so as to better enable marketplace assessment of the Company’s business performance. | |
3. | Relevant Dates for Financial Reporting Purposes Old Financial Year-End: May 31 New Financial Year-End: December 31 |
4. | The length and ending dates of the periods, including comparative periods, of the interim and annual financial statements to be filed for the Company’s Transition Year and its new Financial Year. |
Transition | Comparative | New | Comparative | Interim | Comparative | Interim | Comparative |
Year | Annual Financial | Financial | Annual | Periods for | Interim Periods | Periods for | Interim Periods |
Statements to | Year | Financial | Transition | to Interim | New | to Interim | |
Transition Year | Statements to | Year | Periods in | Financial | Periods in New | ||
New Financial | Transition Year | Year | Financial Year | ||||
Year | |||||||
7 months | 12 months ended | 12 months | 7 months ended | 3 months | 3 months ended | 3 months | 3 months ended |
ended | May 31, 2011 | ended | December 31, | ended | August 31, 2010 | ended | February 28, |
December | December | 2011 | August 31, | March 31, | 2011 | ||
31, 2011 | 31, 2012 | 2011 | 2012 | ||||
6 months | |||||||
ended June | 6 months ended | ||||||
30, 2012 | May 31, 2011 | ||||||
9 months | |||||||
ended | 9 months ended | ||||||
September | August 31, 2011 | ||||||
30, 2012 |
5. | Filing Deadlines, prescribed under Sections 4.2 and 4.4 of NI 51-102, for the interim and annual financial statements for the Company’s Transition Year |
Interim financial statements for the 3 months ended August 31, 2011: November 14, 2011(1) Annual financial statements for the 7 months ended December 31, 2011: March 30, 2012 |
(1) | Extended from October 14 due to first time IFRS report |