Offering finances exploration, tax credit and general working capital
By Toni Weeks
San Luis Obispo, Calif., April 30 – VMS Ventures Inc. said it plans an up to C$3 million non-brokered private placement of flow-through shares and non-flow-through units.
The company will sell the shares at C$0.275 each.
It will also sell units of one common share and one warrant at C$0.25 each, with each warrant exercisable into one common share at C$0.30 per share in the first year and at C$0.35 per share in the second year.
The share price is a 19.56% premium to the closing share price of C$0.23 on April 29. The strike prices are 30.43% and 52.17% premiums, respectively, to that price.
Marquest Capital Markets and Secutor Capital Management Corp. acted as finders and will receive a cash commission of 6% of the gross sales as well as warrants.
Proceeds will be used for exploration and general working capital. In some instances it may also be used for the Manitoba mineral exploration tax credit.
VMS Ventures is a copper-zinc-gold-silver massive sulphide exploration company based in Vancouver, B.C.
| Issuer: | VMS Ventures Inc.
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| Issue: | Flow-through shares, non-flow-through units of one common share and one warrant
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| Amount: | C$3 million
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| Agent: | Non-brokered
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| Pricing date: | April 30
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| Stock symbol: | TSX Venture: VMS
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| Stock price: | C$0.23 at close April 29
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| Market capitalization: | C$32.68 million
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| Flow-through shares
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| Price: | C$0.275
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| Flow-through units
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| Price: | C$0.25
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| Warrants: | One warrant per unit
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| Warrant strike prices: | C$0.30 in first year, C$0.35 in second year
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| Warrant expiration: | Two years
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