Colt Resources Inc. Obtains Receipt for Final Prospectus

Not for distribution to United States newswire services or for dissemination in the United States

Trading Symbols:  GTP - (TSX-V)
P01 - (Frankfurt)
COLTF - (OTCQX)

MONTREAL, April 27 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FSE: P01) (OTCQX: COLTF) is pleased to announce today that it has filed and obtained a receipt for a final short form prospectus in connection with the previously-announced issuance and sale, of a minimum of 12,666,500 common shares of the Company (the "Common Shares") and a maximum of 21,000,000 Common Shares at a price of C$0.72 per Common Share, for aggregate gross proceeds of a minimum of C$9,119,880 and a maximum of $15,120,000, to a syndicate of underwriters led by Canaccord Genuity Corp. ("Canaccord"), and including Desjardins Securities Inc., Laurentian Bank Securities Inc. and D&D Securities Inc. (collectively with Canaccord, the "Underwriters").

The obligation of the Underwriters to purchase 8,333,500 of the Common Shares (the "Threshold Amount") will be contingent upon investors resident in Asia (the "Asian Investors") purchasing at least 8,333,500 Common Shares, as substitute purchasers in place of the Underwriters. The Underwriters have an option to reduce the number of Common Shares to be issued and sold by the Corporation if the Asian Investors have not committed to purchase that number of Common Shares which is at least equal to the Threshold Amount by the time which is 48 hours prior to the time set for the closing of the offering (the "Assessment Time"), such reduction may be equal to the number of Common Shares arrived at by subtracting the number of Common Share for which Asian Investors have committed to purchase at the Assessment Time from the Threshold Amount.

The Company has granted the Underwriters an over-allotment option to purchase additional Common Shares to raise additional gross proceeds of up to $2,268,000, such option to be exercisable for a period of 30 days after and including the closing date of the offering.

The final short form prospectus of the Company has been filed with securities commissions and similar regulatory authorities in the provinces of British Columbia, Alberta, Ontario and Québec. The closing of the offering is anticipated to occur on or about May 4, 2011, and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

The net proceeds of the offering will be used to fund the exploration and development of the Company's Montemor and Tabuaço projects and for general corporate working capital purposes.

The Common Shares will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration 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 the second largest lease holder 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 revised annual information form dated April 20, 2011 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,

President & CEO

Colt Resources Inc.
Tel: (514) 317-6301
Fax: (514) 317-6302
info@coltresources.com





Helen Bilhete,

Director Investor Relations

Colt Resources Inc.
Tel: (514) 317-6301
Fax: (514) 317-6302
info@coltresources.com

 

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COLT RESOURCES INC.

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