VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

April 22, 2013 16:26 ET

VMS Ventures Exercises Full Right of First Refusal Allocation in North American Nickel Non-Brokered $7.05M Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures") is pleased to inform shareholders that the VMS Ventures Board has elected to take its full Right of First Refusal allotment in the North American Nickel private placement detailed in a North American Nickel news release dated April 17, 2013. VMS Ventures will maintain its 27.5% ownership percentage interest in North American Nickel Inc. by subscribing for 11,764,704 units at a price of $0.17 for a total of $1,999,999.

Today, North American Nickel Inc. (TSX VENTURE:NAN) released the following news release:

"North American Nickel is pleased to announce that today it has closed the first tranche of its previously announced non-brokered Private Placement (see NAN release, April 17, 2013). Gross proceeds of $4,458,345 were raised through the issue of 26,225,561 Units.

Each Unit consists of one common share and one-half of a common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.21 per share, exercisable until April 22, 2015. Finder's fees of $62,009.50 have been paid in cash in connection with the private placement.

All securities issued pursuant to the private placement are subject to a hold period and may not be traded until August 20, 2013 as to 15,931,149 Units, and August 23, 2013 as to 10,294,412 Units.

As announced April 17, 2013 and related to Multilateral Instrument 61-101, "Protection of Minority Shareholders in Special Transactions", an additional closing on proceeds of $2,595,752.27 from The Sentient Group and VMS Ventures is expected to take place on or about June 13, 2013. These funds are currently held in trust and will be released to the Company upon the Company's disinterested shareholders ratifying approval of that closing at the annual and special general meeting scheduled for that day."

VMS Ventures acquired 2,753,560 units in the first tranche and anticipates minority shareholder approval at the North American Nickel AGM to be held June 13, 2013 to its acquisition of a further 9,011,144 units, following which VMS Ventures will hold 33,589,704 shares of North American Nickel representing approximately 27.5% of the then outstanding shares of North American Nickel. VMS Ventures will also then hold a further 5,882,352 share purchase warrants of North American Nickel having an exercise price of $0.21 and a term of two years.

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 copper project, which is subject to a 70-30 joint venture with HudBay Minerals and is scheduled for initial production in Q4 2013, 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 two properties in the Sudbury mining camp. They are Terra Incognita and Black Creek.

VMS Ventures owns approximately 27.5% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.

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

John Roozendaal, B.Sc., President

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.
    Evan Sleeman
    Director
    (604) 986-2020 or Toll Free: 1-866-816-0118
    www.vmsventures.com