|By Marketwired .||
|May 8, 2014 05:50 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/08/14 -- 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.
(604) 986-2020 or Toll Free: 1-866-816-0118
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