VMS Ventures Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 4, 2015) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") is pleased to announce that, further to its news release of April 30, 2015, it has closed a private placement of 7,325,450 flow-through shares (the "FT Shares") at a price of $0.275 per FT Share and 2,970,000 non flow-through units (the "Units") at a price of $0.25 per Unit, for total proceeds of $2,756,988.75 (the "Offering").
Each Unit consists of one common share and 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 term of 24 months from closing at a price of $0.30 per common share until May 4, 2016 and at a price of $0.35 per common share for the remainder of the term.
In connection with the Offering, the Company has paid aggregate cash commissions of $162,209.93 and has issued finders warrants to acquire 605,127 common shares of the Company at a price of $0.25 for a term expiring May 6, 2017 to finders including Marquest Capital Markets and Secutor Capital Management Corp.
All securities issued under the Offering are subject to a statutory hold period ending September 5, 2015 in accordance with applicable Canadian securities laws.
The proceeds received from the FT Shares will be used by the Company for allowable Canadian exploration expenses and, in certain instances for the Manitoba Mineral Exploration Tax Credit. The proceeds from the Units will be used for general working capital.
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 & Interim CEO
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.
Contact
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com