By Devika Patel
Knoxville, Tenn., Oct. 18 - VMS Ventures Inc. said it plans a private placement of units and shares to raise C$19.5 million.
The company will sell 8,000,000 units at C$1.50 apiece for C$12 million. Each unit consists of one common share and one transferable warrant. Each warrant is exercisable into one non flow-through common share at C$2.25 for two years.
The company also plans to sell 5,000,000 flow-through common shares at C$1.50 each for C$7.5 million.
Closing is expected Nov. 7.
The placement will be offered by a syndicate of agents led by GMP Securities LP and including Evergreen Capital Partners Inc. and Jennings Capital Inc.
Proceeds will be used to fund exploration and development and for general corporate purposes.
VMS Ventures is a mineral exploration company based in Vancouver, B.C.
| Issuer: | VMS Ventures Inc.
|
| Issue: | Units of one common share and one transferable warrant, flow-through common shares
|
| Amount: | C$19.5 million
|
| Agents: | GMP Securities LP (lead), Evergreen Capital Partners Inc., Jennings Capital Inc.
|
| Pricing date: | Oct. 18
|
| Settlement date: | Nov. 7
|
| Stock symbol: | TSX Venture: VMS
|
| Stock price: | C$1.58 at close Oct. 17
|
|
|
| Units
|
| Amount: | C$12 million
|
| Units: | 8,000,000
|
| Price: | C$1.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.25
|
|
|
| Shares
|
| Amount: | C$7.5 million
|
| Shares: | 5,000,000
|
| Price: | C$1.50
|
| Warrants: | No
|
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