Colt Resources A0RM93 V.GTP

Richard Quesnel, the Company's Executive Chairman, has subscribed for eight Units, resulting in US$2.0 Million in principal amount of Notes and Warrants to purchase 4,444,444 Common Shares. He does not currently own or exercise control or direction, directly or indirectly, over any Common Shares of the Company.

In connection with the Offering, and in addition to a finders' fee, TerraNova will receive Common Share purchase warrants entitling it to purchase 111,111 Common Shares at an exercise price of US$0.45 per Common Share on or before November 1st, 2016.

The securities issued and sold under the Offering are subject to a four month hold period in accordance with applicable Canadian securities laws.

The participation of Mr. Quesnel in the Offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("Multilateral Instrument 61-101") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange. In connection with this related party transaction, the Company is relying on the formal valuation and minority approval exemptions of respectively subsection 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 as the fair market value of the portion of the Offering subscribed by Mr. Quesnel does not exceed 25% of the Company's market capitalization. The Offering, including his participation therein, has been unanimously approved by the directors of the Company, with Mr. Quesnel abstaining.

A material change report in respect of this Offering (including the participation of Mr. Quesnel therein) will be filed by the Company but could not be filed earlier than 21 days prior to the initial closing of the Offering due to the fact that the participation of Mr. Quesnel in the Offering was not known to the Company at that time.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.