VMS Ventures Inc.

VMS Ventures Inc.

March 16, 2007 16:33 ET

VMS Ventures Announces Financing and Option Grant

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 16, 2007) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") is pleased to announce that it has arranged, on a non-brokered basis, to raise up to $2,500,000 by the issuance of units at a price of $0.15 per unit (the "15c unit") and 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.

Finders' fees of up to 8% in cash or shares, or a combination of both, may be paid in conjunction with this placement and in accordance with the policies of the TSX Venture Exchange.

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.

In addition, the Company is pleased to announce that, in accordance with the Company's stock option plan, it has granted to certain of its directors, officers and consultants incentive stock options to purchase up to an aggregate of 950,000 common shares exercisable on or before March 15, 2012 at a price of $0.17 per share.

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