VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

February 14, 2011 06:30 ET

VMS Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2011) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") announced today that it had closed its previously announced private placement (the "Offering") pursuant to which it has issued an aggregate of 6,667,000 flow through common shares ("Flow-Through Shares") at a price of $0.75 per Flow-Through Share to raise aggregate gross proceeds of approximately $5 million.

The proceeds of the financing will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2011. The funds are intended to be used to explore and advance VMS' mineral properties in Manitoba.

Cormark Securities Inc. acted for VMS, as agent in the Offering on a best efforts basis.

The Flow-Through Shares issued in the Offering are subject to a statutory hold period expiring on June 12, 2011.

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 Lake Project, 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 three base metal properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.

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

Rick Mark, CEO, 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.

Contact Information

  • VMS Ventures Inc.
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    www.vmsventures.com
    or
    Launch IR
    Matt Harrington or Dean Hanisch
    (613) 882-7467