|Trading Symbols:||GTP - (TSX-V)|
|P01 - (FRANKFURT)|
|COLTF - (OTCQX)|
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
MONTREAL, Sept. 11, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) announces today that in order to meet short term working capital requirements and to strengthen its balance it has accepted an offer from Mr. Richard Quesnel, by which he will be purchasing up to 12,220,557 shares of privately held Colt Resources Middle East ("CRME") for $CAD 611,027. This offer has effectively triggered a right of first refusal by which all the remaining CRME shareholders now have 30 days to exercise their pro rata right to match Mr. Quesnel's offer. Upon completion of this transaction, Colt will have divested itself completely of its CRME holdings and will be exclusively focused going forward on the development of its Portugal projects.
In addition, Colt will be proceeding with another closing of its Senior Note ("SN") offering for which it has received $US 200,000 in the form of an executed promissory note which will be immediately convertible into the SN once appropriate documentation, regulatory filings and approvals are received. Similar subsequent closings are anticipated and will be released as they are completed.
These transactions combined with the aggressive and continuing cost cutting program which should be completed by the end of the third quarter, will give Colt financial flexibility and time to conclude advanced Partnering/Joint Venture discussions as well as to pursue ongoing parallel funding initiatives. The primary objective of the company remains the completion of bankable feasibility studies at both of its flagship Portugal projects, namely the Boa Fé-Montemor Gold Project and the Tabuaço Tungsten Project. Positive PEA's have been completed on both of these projects in 2013.
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.
Fax: +1 (514) 635-6100
Chief Financial Officer
Colt Resources Inc.