VMS Ventures Inc.: North American Nickel Inc. Closes $9.38M Non-Brokered Private Placement
May 29 2014 - 4:45PM
Marketwired
VMS Ventures Inc.: North American Nickel Inc. Closes $9.38M
Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) - VMS
Ventures Inc. (TSX-VENTURE:VMS) ("VMS Ventures" or the "Company")
is pleased to announce that North American Nickel Inc.
(TSX-VENTURE:NAN) ("North American Nickel" or "NAN"), issued a
press release this morning announcing it has closed its previously
announced non-brokered private placement.
The proceeds will be used primarily to fund NAN's 2014 drilling
and exploration program at its 100% owned Maniitsoq Ni-Cu-Co-PGE
project in southwest Greenland.
VMS has invested $1.25M in the NAN private placement and now
owns approximately 22% of NAN.
The release is as follows:
"North American Nickel Inc. is pleased to announce that it has
closed its previously announced non-brokered private placement (See
Company news release dated May 8, 2014). Gross proceeds of
$9,379,970 were raised through the issue of 28,424,152 common
shares pursuant to the private placement. In addition, 50,000
common shares were issued as a finder's fee in connection with the
private placement.
All securities issued pursuant to the private placement are
subject to a hold period and may not be traded until September 30,
2014.
Sentient Executive GP IV, Limited (for the general partner of
Sentient Global Resources Fund IV, L.P.) ("Sentient") subscribed
for a total of 11,739,425 common shares in the financing. Sentient,
which is an insider and a related party of the Company, now
beneficially owns, or exercises control or direction over,
69,866,523 common shares (or, approximately 41.2% of the issued and
outstanding common shares) of the Company.
VMS Ventures Inc. ("VMS") subscribed for a total of 3,787,879
common shares in the financing. VMS, which is an insider and a
related party of the Company, now beneficially owns, or exercises
control or direction over, 37,377,583 common shares (or,
approximately 22.0% of the issued and outstanding common shares) of
the Company. VMS also has warrants entitling it to acquire up to an
additional 5,882,352 common shares of the Company.
The proceeds of this financing will be used to fund the
Company's 2014 exploration and drill program for its highly
prospective Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland
and general working capital purposes."
About VMS Ventures Inc.:
VMS Ventures Inc. is focused primarily on acquiring, exploring
and developing copper-zinc-gold-silver massive sulphide deposits in
the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS
project property portfolio consists of the Reed mine, which is
subject to a 70-30 JV with Hudbay Minerals and achieved initial
production in Q4-2013, Copper Project, McClarty Lake Project, Sails
Lake Project, Puella Bay Project and Morton Lake Project. Outside
of the Snow Lake camp, the Company holds massive sulphide
prospective properties near the past producing Fox Lake and Ruttan
copper-zinc mines, near the communities of Lynn Lake and Leaf
Rapids in northern Manitoba. These properties are located in the
mining friendly province of Manitoba, Canada. The Company also has
optioned the Black Creek property in the Sudbury mining camp.
VMS Ventures owns approximately 22% of North American Nickel
Inc. (TSX-VENTURE:NAN). For more information on North American
Nickel Inc., please visit www.northamericannickel.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., President
VMS Ventures Inc.
Neither the TSX
Venture Exchange nor its Regulation Service Provider (as the term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this news
release.
VMS Ventures Inc.Evan SleemanDirector and Corporate
Secretary(604) 986-2020 or Toll Free:
1-866-816-0118www.vmsventures.com
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