VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

January 17, 2011 12:08 ET

VMS Engages Cormark Securities to Raise $5,000,000 at $0.75 in Flow Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2011) -

NOT FOR DISSEMINATION IN THE USA

VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce that it has entered into an agreement with Cormark Securities Inc. ("Cormark"), under which Cormark has agreed to act, on a best efforts basis, as agent in the offer and sale of 6,667,000 flow through shares ("Flow-Through Shares") of VMS (the "Offering"). The Flow-Through Shares shall be offered at a price of $0.75 per share for aggregate gross proceeds of approximately $5.0 million.

The closing of the Offering is expected to occur on or about February 8, 2011 and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the TSXV.

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 and Ontario.

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 Statements

Some statements in this press release contain forward-looking information. These statements include, but are not limited to, statements with respect to the entering into of agreements, the closing of transactions and the expenditure of funds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of transactions, the ability to fulfill certain conditions, the ability to raise funds and the timing and amount of expenditures.

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
    (613) 882-7467
    or
    Launch IR
    Dean Hanisch
    (613) 882-7467