GTP – (TSX-V)
P01 – (FRANKFURT)
COLTF – (OTCQX)
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MONTREAL, Sept. 24, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF)
Shares for Debt
Colt announces that in order to preserve its cash to fund the development of the Company's ongoing projects, it has elected to issue shares to settle an aggregate of $243,045 of debt, which is owing to various arm's length vendors and service providers pursuant to the provision of their services, through the issuance of 1,736,039 common shares of Colt at a deemed price of $0.14 (the "Transaction").
Upon completion of the Transaction, Colt will have 174,925,382 common shares issued and outstanding.
In addition, with respect to the Company's previously announced transaction with Spektra Drilling Canada Inc. ("Spektra") on August 7, 2014, $1,102,500 has been used to repay existing debt owed to Spektra.
Resignation of Chief Operating Officer
Colt announces that Mr. Declan Costelloe has resigned as Executive Vice-President and Chief Operating Officer. Senior operations staff in Portugal have been assigned additional responsibilities in order to ensure a smooth transition.
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, firstname.lastname@example.org; Shahab Jaffrey, Chief Financial Officer, Colt Resources Inc, Tel: +1-514-843-7178, Fax: +1-514-843-7704, email@example.com