VMS Ventures Announces $1.36 Million Private Placement
May 08 2014 - 5:50PM
Marketwired
VMS Ventures Announces $1.36 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - VMS
Ventures Inc. (TSX-VENTURE:VMS) ("VMS Ventures" or the "Company")
is pleased to announce that it has arranged a non-brokered private
placement of 2,433,333 flow-through units ("FT Units") at a price
of $0.30 per FT Unit for gross proceeds of $730,000 and 2,520,000
units ("Units") at a price of $0.25 per Unit for gross proceeds of
$630,000, the private placement is fully subscribed.
Each FT Unit will consist 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
for a period of 18 months from closing at a price of $0.35 per
common share.
Each Unit will consist 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.
The Company will pay to finders a cash commission of 6% of the
gross sales of FT Units and Units and issue to finders 6% of the
number of FT Units and Units sold in finder's warrants (the
"Finder's Warrants"), with each Finder's Warrant being exercisable
for 18 months at a price of $0.25 per common share. The company has
allocated a portion of the financing to subscribers found by
Secutor Capital Management Corp., an IIROC member firm.
All the securities issuable will be subject to a four-month hold
period from the date of closing. Certain insiders will be
participating in the private placement. The private placement is
subject to the approval of the TSX Venture Exchange.
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.
VMS Ventures Inc.Evan SleemanDirector(604) 986-2020 or Toll
Free: 1-866-816-0118www.vmsventures.com
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