Amendment to Colt Middle East transaction

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Sept. 29 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) Based on a review of the original transaction announced on September 11, 2014 between the Company and Mr. Richard Quesnel, President & CEO of Colt Resources Middle East ("CRME") for the sale of the remaining portion of Colt's CRME investment, Colt, which is pursuing a path of company and management reorganization, and Mr. Quesnel are pleased to announce that they have renegotiated the conditions of the original offer on the following amended terms.

The Company will proceed with the sale to Mr. Quesnel for a minimum of 3,000,000 and a maximum of 3,055,000 shares at $0.20 per share resulting in proceeds of $611,000, securing at least the same proceeds as previously announced on September 11, 2014.

In addition, subject to CRME minority shareholder right of first refusal provisions being waived or unexercised and  upon completion of the transaction, Colt may now retain up to approximately 9 million  CRME shares instead of divesting its entire position in CRME.

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.

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.

For further information: Nikolas Perrault, CFA President & CEO, Colt Resources Inc., Tel: +351-219-119-810, Fax: +1 (514) 635-6100, nperrault@coltresources.com; Shahab Jaffrey, Chief Financial Officer, Colt Resources Inc., Tel: +1-514-843-7178, Fax: +1-514-843-7704, sjaffrey@coltresources.com

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