VMS Ventures Inc.: Letter to Shareholders Regarding the Dunlop Legal Claim
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/27/12 -- VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") -
This letter is in addition to a concurrent VMS News Release, concerning a statement of claim filed in Manitoba Court of Queen's Bench by one of our shareholders, making demands related to the Reed Lake Joint Venture.
The statement of claim, filed by W. Bruce Dunlop Limited (N.P.L.), seeks a mandatory injunction to cause VMS to take certain actions that its Board of Directors unequivocally believes are contrary to the best interests to the company and all its shareholders.
The facts are:
There is a contract signed on December 2, 2008 between Dunlop, as vendor, and VMS as buyer (the "Dunlop Agreement)" selling to VMS certain mineral claims now comprising a portion of the Reed Lake Joint Venture with HudBay.
The HudBay Joint Venture provides to VMS a thirty per cent interest, carried to production, in the Reed Lake property or, at the election of VMS, a net smelter royalty.
The Dunlop Agreement clearly empowers VMS to negotiate and enter into the Reed Lake Joint Venture without any notice to, or interference from, Dunlop.
Dunlop is now attempting to force VMS to give up its thirty percent carried to production interest and opt for a two per cent Net Smelter Royalty in the Reed Lake property. Given today's copper price and the detailed review of the technical information regarding the Reed Lake property now available, the value proposition clearly favours VMS maintaining the thirty per cent carried to production interest.
The VMS Board of Directors has a fiduciary duty to all shareholders to work diligently to improve the value of the Company's holdings and its share price.
In line with that responsibility, the Directors have resolved to continue to opt for the thirty per cent carried to production interest in the Reed Lake Joint Venture.
VMS Ventures, with the advice of legal counsel, will defend this claim vigorously and will continue to protect and build value for all shareholders.
On behalf of the Board of Directors of VMS Ventures,
Rick Mark, CEO and Chair
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, 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 three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
VMS Ventures owns approximately 45% of North American Nickel Inc. (TSX VENTURE: NAN). For more information on North American Nickel Inc., please visit .
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.
Contacts:
VMS Ventures Inc.
(604) 986-2020 or Toll Free: 1-866-816-0118
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2012 - 10:30 Uhr
Sprache: Deutsch
News-ID 140031
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 216 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"VMS Ventures Inc.: Letter to Shareholders Regarding the Dunlop Legal Claim"
steht unter der journalistisch-redaktionellen Verantwortung von
VMS Ventures Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
