|By Marketwired .||
|May 29, 2014 04:46 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/29/14 -- VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS Ventures" or the "Company") is pleased to announce that North American Nickel Inc. (TSX VENTURE: NAN) ("North American Nickel" or "NAN"), issued a press release this morning announcing it has closed its previously announced non-brokered private placement.
The proceeds will be used primarily to fund NAN's 2014 drilling and exploration program at its 100% owned Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland.
VMS has invested $1.25M in the NAN private placement and now owns approximately 22% of NAN.
The release is as follows:
"North American Nickel Inc. is pleased to announce that it has closed its previously announced non-brokered private placement (See Company news release dated May 8, 2014). Gross proceeds of $9,379,970 were raised through the issue of 28,424,152 common shares pursuant to the private placement. In addition, 50,000 common shares were issued as a finder's fee 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 September 30, 2014.
Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P.) ("Sentient") subscribed for a total of 11,739,425 common shares in the financing. Sentient, which is an insider and a related party of the Company, now beneficially owns, or exercises control or direction over, 69,866,523 common shares (or, approximately 41.2% of the issued and outstanding common shares) of the Company.
VMS Ventures Inc. ("VMS") subscribed for a total of 3,787,879 common shares in the financing. VMS, which is an insider and a related party of the Company, now beneficially owns, or exercises control or direction over, 37,377,583 common shares (or, approximately 22.0% of the issued and outstanding common shares) of the Company. VMS also has warrants entitling it to acquire up to an additional 5,882,352 common shares of the Company.
The proceeds of this financing will be used to fund the Company's 2014 exploration and drill program for its highly prospective Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland and general working capital purposes."
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 mine, which is subject to a 70-30 JV with Hudbay Minerals and achieved 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 the Black Creek property in the Sudbury mining camp.
VMS Ventures owns approximately 22% of North American Nickel Inc. (TSX VENTURE: NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., President
VMS Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
VMS Ventures Inc.
Director and Corporate Secretary
(604) 986-2020 or Toll Free: 1-866-816-0118