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VMS Ventures Announces Closing of Financing
May 4, 2007
Vancouver, B.C. May 4, 2007. VMS Ventures Inc.
(TSX.V: VMS) (the "Company") is pleased to announce that it has closed the
non-brokered private placement previously announced on March 16th, 2007. One
hundred and fifty six placees participated in the private placement and the
Company has raised an aggregate total of $2,500,000 by the issuance of
10,724,004 units at a price of $0.15 per unit (the “15c unit”) and 5,945,999
flow through shares at $0.15 (the “15c shares”).
Each 15c unit will consist of one common share and one-half of one share
purchase warrant. Each whole warrant entitles the holder thereof to purchase one
common share of the Company at a price of $0.20 for a period of eighteen months
from closing. All securities are subject to a four month hold period and will
expire September 3rd, 2007.
A commission was paid in respect of the closing of the financing in an aggregate
amount of $94,540 as well as 470,040 common shares, and 235,020 warrants
entitling the agent to acquire up to 235,020 common shares at a price of $0.20
cents per common share for a period of eighteen months from closing.
Proceeds from this financing will be used for exploration activities on the
Company’s VMS (copper-zinc) properties in the Flin Flon-Snow Lake VMS belt and
the Company’s Lynn Gabbros Nickel project and for general working capital
purposes. The financing is subject to acceptance by the TSX Venture Exchange.
VMS Ventures Inc. is acquiring, exploring and developing copper-zinc properties
in the Flin Flon-Snow Lake VMS Belt. The Company’s other projects include the
Lynn Lake Gabbros nickel-copper properties in the Lynn Lake Nickel Belt, the
South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite
Complex, Specialty Metals property. All properties are located in the mining
friendly province of Manitoba, Canada.
ON BEHALF OF THE BOARD:
Rick Mark
CEO & Chairman
The TSX Venture exchange does not accept responsibility for the
adequacy or
accuracy of this release.
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