NDT Ventures raises $1.2m

Vancouver — NDT Ventures intends to raise $1.25 million by selling 66 million units priced at 18 each, with proceeds earmarked for exploration of the Fury, Sarcpa and Gem diamond properties in Nunavut

The offering will be conducted on a best-efforts basis and consists of flow-through shares (80%) and non-flow-through shares (20%). March 31 is the latest closing date.

Each flow-through unit consists of one flow-through common share and half a share purchase warrant. Each non-flow-through unit consists of one non-flow-through common share and half a share purchase warrant. A whole warrant entitles the holder to buy an additional non-flow-through common share at 27 for one year.

NDT will pay the agent, First Associates Investments, a 7.5% commission from the gross proceeds. In addition, First Associates will receive share purchase warrants equivalent to 15% of the total number of flow-through and non-flow-through units sold. Each of these “agent’s warrants” will allow the holder to buy one additional common share of NDT at 20 each for one year. First Associates will also receive a financing fee payable in cash. The cash commission, expenses of the offering, and corporate finance fee will be paid from the proceeds of the non-flow-through units.

Exploration plans call for airborne geophysics, regional till sampling, ground geophysical surveying, and diamond drilling.