AMT raises funds for copper project

Toronto-listed AMT International Mining has closed an initial public offering of 6.5 million units priced at $1 per unit.

Each unit consists of one AMT common share and one AMT common share purchase warrant. Each purchase warrant entitles the holder to buy an additional common share between July 16, 1996, and March 18, 1997, for $1.25.

The underwriters have also agreed to offer, until April 30, 1996, an additional 3.5 million units priced at $1 per unit on a best-efforts basis.

AMT is currently earning an interest in a copper property from Magma Copper (NYSE). The property, near Copper Creek, Ariz., is believed also to have recoverable quantities of molybdenum and precious metals. Drilling has started, and AMT is acquiring additional ground adjacent to the option.