NORTH YORK, ONTARIO -- ZTest Electronics Inc. is offering shares of the company in order to raise $1.44 million in financing, the company said today. Proceeds will be used for future acquisitions and working capital.

Each unit will be priced at $0.16 and will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant entitles the holder to acquire a further common share at the price of $0.24 for a period of two years from closing. The corporation will pay a finder's fee of up to 6% of the value of the units in cash.

Completion of this transaction is subject to the approval of the Toronto Exchange.

Separately, the company said directors William Brown and Cal Haverstock have tendered their resignations, effective this week. Haverstock joined the board last June.

ZTest's wholly owned subsidiary, Permatech Electronics, is an low-volume EMS provider.