VMS VENTURES INC. VMSTF

left owing to partner HBM

[freeedom45]

From HBM's quarterly financials. Looks like VMS owes $12,806,000USD as of September 30, 2015. (HBM reports in USD now). So, we are chipping away; maybe 2 years out the loans will be paid and we will see cash flow.

glta




As commercial production commenced at the Reed mine on April 1, 2014, the Group has a receivable for

30% of the applicable development costs as well as other amounts due from the joint venture partner, VMS Ventures Inc. (“VMS Ventures”) pursuant to the Reed Lake Project Joint Venture Agreement. The receivable

will be repaid by offsetting amounts owed to VMS Ventures for the purchase of their proportionate share of

the Reed mine ore. The receivable has been discounted and has been classified based on the expected

timing of ore purchases. As at

September 30, 2015,

(December 31, 2014 and January 1, 2014- $17,417 and nil, respectively).

this receivable from VMS Ventures was $12,806