VMS Ventures Closes Private Placement
May 15 2014 - 4:30PM
Marketwired Canada
VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased
to announce that further to its news release of May 8, 2014 it has closed a
private placement of 2,425,000 flow-through units (the "FT Units") and 2,505,000
non flow-through units (the "NFT Units") for total proceeds of $1,353,750 (the
"Offering").
Each FT Unit consists of one flow-through common share and one-half of one non
flow-through common share purchase warrant in the capital of the Company. Each
whole share purchase warrant (a "FT Warrant") is exercisable into one common
share of the Company at a price of $0.35 per common share until November 15,
2015.
Each Unit consists of one common share and one-half of one common share purchase
warrant in the capital of the Company. Each share purchase warrant (a "Warrant")
is exercisable into one common share of the Company for a period of 18 months
from closing at a price of $0.35 per common share until November 15, 2015.
In connection with the Offering, the Company has paid an aggregate cash
commission of $73,275, being 6% of the aggregate proceeds from the sale of FT
Units and NFT Units to purchasers introduced by Secutor Capital Management
Corp., an IIROC member firm (the "Finder"). The Company has also issued warrants
(the "Finder's Warrants") to the Finder to acquire a total of 264,000 Shares,
being 6% of the number of FT Units and NFT Units sold under the Offering to
purchasers introduced by the Finder. Each Finder's Warrant entitles the holder
to purchase one Share at a price of $0.25 per Share until November 15, 2015.
Insider purchased 530,000 NFT Units under the Offering. All securities issued
under the Offering are subject to a statutory hold period ending on September
16, 2014 in accordance with applicable Canadian securities laws.
The proceeds received from the FT Units will be used by the Company to incur
qualified Canadian Exploration Expenses on the Company's Canadian properties
located in Canada and for the Manitoba Mineral Exploration Tax Credit, and the
proceeds from the NFT Units will be used for investment in the private placement
of North American Nickel Inc. ("NAN") as detailed in the news release of NAN of
May 8, 2014.
VMS Ventures owns approximately 23.9% of North American Nickel Inc. (TSX
VENTURE:NAN). For more information on North American Nickel Inc., please visit
www.northamericannickel.com.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward-looking
statements that involve various risks. The following are important factors that
could cause the Company's actual results to differ materially from those
expressed or implied by such forward-looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks inherent in
mineral exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future events may
differ materially from those anticipated in such statements. VMS Ventures Inc.
undertakes no obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., President
VMS Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
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