NDT Ventures to acquire Nunavut property
NDT Ventures Ltd NDE
Shares issued 25,626,978 Mar 12 close $0.12
Tue 12 Mar 2002 Property Agreement
The Canadian Venture Exchange has accepted for filing an arm's-length
option agreement dated Nov. 5, 2001, between NDT Ventures Ltd. and Hunter
Exploration Group of Vancouver, pursuant to which the company may acquire a
100-per-cent interest in a property located in Nunavut.
In consideration, the company has agreed to pay the vendors $30,000 cash
over four years. The company will be conducting work commitment exploration
expenditures of $1,125,000 and issuing one million common shares over a
four-year period.
A total of 250,000 shares are to be issued within the first year by Nov. 1,
2002, with 50,000 being issued upon CDNX approval. A $5,000 cash payment is
due on or before Nov. 1, 2002, and $125,000 in cumulative exploration
expenditures is to be made within the first year. Future expenditures and
share issuances will be subject to further CDNX approval at the time of
submission.
The vendors will retain a 2-per-cent net smelter return (NSR) royalty on
all metals and a 2-per-cent gross overriding royalty on diamonds.
This transaction was disclosed in the company's news release dated Nov. 5,
2001, and March 7, 2002.
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