VMS Ventures Inc.

VMS Ventures Inc.

May 04, 2007 12:05 ET

VMS Ventures Announces Closing of Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 4, 2007) - VMS Ventures Inc. (TSX VENTURE: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.


Rick Mark, CEO & Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • VMS Ventures Inc.
    Rick Mark
    CEO & Chairman
    (604) 986-2020 or Toll Free: 1-866-816-0118
    (604) 986-2021 (FAX)
    Website: www.vmsventures.com