|
VMS Ventures Announces Closing of Brokered Private Placement
June 28, 2007
Vancouver, B.C. June 28, 2007. VMS Ventures Inc.
(TSX.V: VMS) (the "Company") is pleased to announce that it has closed its
brokered private placement previously announced on June 5, 2007. The Company has
raised $3,000,000 through the issuance of 4,388,908 units and 8,137,764 flow
through common shares. The flow through common shares were sold at a price of
$0.25 per common share. The units were sold at a price of $0.22 per unit and are
comprised of one common share and one half of one share purchase warrant. Each
whole warrant will entitle the holder to purchase one additional non-flow
through common share at the price of $0.34 at any time prior to December 27,
2008.
The agents received a cash commission of $240,000 and 1,252,667 agent’s
warrants. Each agent’s warrant entitles the agent to acquire one agent’s unit at
a price of $0.22 per unit at any time prior to December 27, 2008. Each agent’s
unit is comprised of one common share and one half of one share purchase
warrant. Each whole warrant entitles the agent to purchase one additional common
share at a price of $0.34 at any time prior to December 27, 2008. All securities
issued pursuant to this financing are subject to a four month hold period
expiring October 28, 2007.
The proceeds of the sale of the flow through shares will be used for the
exploration and development of existing Nickel and VMS (Copper-Zinc) projects in
Manitoba, Canada, with the proceeds of the sale of the units for property
investigation and acquisition costs, general exploration and development
activities and to provide working capital to the Company.
VMS Ventures Inc. is focused on acquiring, exploring and developing copper-zinc
properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the
largest package of land considered prospective for nickel-copper mineralization
at Lynn Lake, which, historically, is Canada’s third largest nickel producing
camp. The Company’s project portfolio consists of the Snow Lake VMS project, the
Lynn Lake Gabbros nickel-copper project, the South Bay nickel-copper-cobalt PGE
property, and the Eden Lake Carbonatite Complex, Specialty Metals property. All
VMS Ventures Inc. properties are located in the mining friendly province of
Manitoba, Canada.
ON BEHALF OF THE BOARD:
Rick Mark
CEO & Chairman
For further information
contact:
Keith Patey, Director of
Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118
Or visit the website at
www.vmsventures.com
Coal Harbor Communications
Steve Kubota
Telephone: (604) 662-3237
Toll Free:
1-866-405-3955
The TSX Venture exchange does not accept responsibility for the
adequacy or
accuracy of this release. |
