VMS Ventures Exercises Full Right of First Refusal Allocation in North American
Nickel Non-Brokered $7.05M Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/13 -- 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
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.
VMS Ventures Inc.
(604) 986-2020 or Toll Free: 1-866-816-0118
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