AMT International Mining Closes $2.65 Million Special Warrant Offering.TORONTO--(BUSINESS WIRE)--Jan. 16, 1997-- Proceeds to be used to accelerate drill program at 3 billion pound Arizona copper property AMT See vPro. International Mining Corporation, Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] , USA, announces it has raised C$2.65 million through a special warrants offering. The offering consists of 2,120,000 special warrants of the company at a price of $1.25 per warrant. Each special warrant entitles the holder thereof to acquire, for no additional consideration, one (1) common share of AMT. The offering, completed by Marleau, Lemire Securities Inc. closed January 15, 1997. "The company has previously announced a larger special warrants offering, but we have ultimately decided on a smaller offering at this point," explained AMT's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Dr. Kushal Singh. "This reduced financing is better for shareholders as it will limit dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. , in light of the company's discounted share price. At the same time, the financing allows the company to take advantage of several opportunities." The proceeds from the financing will go largely towards supporting the advanced exploration program at AMT's Copper Creek project in Arizona. While the feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on the BHP-Magma portion of AMT's joint venture claims is nearing completion, this additional funding will allow the company to accelerate exploration on those claims it shares with its other partner, Phelps-Dodge. "We hope to advance the timing of the feasibility study," said Singh. "There are synergies to be realized by advancing the Phelps-Dodge portion of the Copper Creek property, where drilling is now in progress. "We now have sufficient funding to accelerate our exploration and development program at Copper Creek, which will add substantial understanding to our knowledge of the porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. structure there. This will in turn allow for a more comprehensive mining plan to be developed," concluded Singh. "We are also pleased to be able to adequately fund activities at our Manitoba gold properties, where we have begun a drilling program," added Glen Zinn, COO (Cell Of Origin) See mobile positioning. of AMT. To date, AMT has outlined a 3 billion pound copper resource underlying its Copper Creek properties. AMT is in an advanced stage of mineral exploration and has focused its activities on earning an interest from BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. Copper Company in a copper property at Copper Creek, Arizona. CONTACT: AMT International Mining Corporation Steve Stapleton, 520/544-8815, ext. 25 |
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