NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Oct. 16, 2013 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is
pleased to announce that it has completed a non-brokered private
placement with a leading industry player (the "Non-Brokered Private
Placement"). Pursuant to the Non-Brokered Private Placement, the
Company has issued 6.25 million common shares at a price of US$0.40 per
share, for net proceeds to the Company of $US2.5 million.
Colt's CEO, Nikolas Perrault stated "The near 30% premium obtained above
our 30-day VWAP is a strong vote of confidence." Proceeds from the
Non-Brokered Private Placement will be applied towards feasibility work
on both Colt's Boa Fé Montemor gold and Tabuaço tungsten projects in
Portugal as well as for general working capital purposes.
The common shares issued and sold under the Non-Brokered Private
Placement will be subject to a four-month hold period in accordance
with Canadian securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of securities in the United States.
The common shares 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 in the United States absent registration or an applicable
exemption from the registration requirements.
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:
Colt Resources Inc.
Tel: +1 (514) 249-6320
Fax: +1 (514) 843-7704
Nikolas Perrault, CFA
President & CEO
Colt Resources Inc.
Fax: +1 (514) 635-6100
Chief Financial Officer
Colt Resources Inc.
Tel: +1 (514) 843-7178
Fax: +1 514 843-7704