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
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
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
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
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
| Helen Bilhete, |
Director Investor Relations
Colt Resources Inc.
Tel: (514) 317-6301
Fax: (514) 317-6302