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Colt Announces initial Closing of its Middle Eastern Unit Financing
19:05 18.02.14
Canada NewsWire
MONTREAL, Feb. 18, 2014
/NOT FOR RELEASE IN THE UNITED STATES OF AMERICA/
Trading Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Feb. 18, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that Colt Resources Middle East (Cayman) ("Colt Middle East"), its subsidiary which sits atop of the Company's Middle Eastern initiatives, has completed an initial closing of its previously announced (See January 22nd, 2014 Press Release) private placement (the "Offering"). Colt Middle East will issue 20,666,667 ordinary shares at a price of CND$0.15 per share, for net proceeds to the Company of CDN$3,100,000. The Company expects to complete a final closing next week.
Colt Middle East's CEO, Richard Quesnel stated: "The closing of this financing marks an important milestone in our ongoing efforts to secure near production stage assets in the Greater Middle East. Net proceeds from the Offering will be used for working capital necessary to support initiatives which began last summer aimed at securing mining licenses in the Greater Middle East region."
Colt CEO, Nikolas Perrault stated: "With the closing of this financing, Colt has now successfully incubated and launched a new company in which it will retain a significant stake going forward. The Company is confident that its investment in Colt Middle East will benefit and flourish under Richard`s direct leadership while it continues with its ongoing efforts to bring both of its core projects in Portugal through Bankable Feasibility later this year."
No individual or company will receive compensation in connection with the Offering. The Offering was effected in accordance with the securities laws of the Cayman Islands and any other applicable jurisdiction with accredited investors and other exempt purchasers, each investor subscribing to a minimum of CND$150,000 in ordinary shares of Colt Middle East.
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.
About Colt Resources Inc.
Colt Resources Inc. (
www.coltresources.com) is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is one of the largest lease holders of mineral concessions and on securing mining licenses in the Greater Middle East region.
The Company's shares trade on the TSX?V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's annual information form available on SEDAR at
www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
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.
SOURCE Colt Resources Inc.
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