VANCOUVER, July 24, 2013 /CNW/ - WorldLink Resources Limited ("WorldLink"), a company incorporated under the laws of Hong Kong, announces that pursuant to a private placement subscription agreement ("Subscription Agreement") entered into between WorldLink and Colt Resources Inc. (TSX-V: GTP, OTCQX: COLTF and FWB: P01) ("Colt") on July 19, 2013, WorldLink acquired ownership and control over 14,285,715 units (the "Units") of the Corporation (each such Unit being comprised of one common share of the Corporation (a "Common Share") and one-fourth (1/4) of a common share purchase warrant (each whole warrant, a "Warrant")), at a subscription price of C$0.35 per Unit, for an aggregate subscription price of C$5,000,000.25.
The Warrants acquired by WorldLink entitle it to purchase up to 3,571,428 Common Shares at an exercise price of C$0.45 per Common Share on or before July 24, 2018. The Warrants will be subject, at Colt's discretion, to an accelerated exercise period after January 24, 2014 if the VWAP of the Common Shares is equal to or greater than C$0.90 for a period of 30 consecutive trading days.
Following the Subscription, the Units (comprising the Common Shares and the Warrants) held by WorldLink represent approximately 11.7% of the issued and outstanding Common Shares of Colt (after giving effect to the exercise of the Warrants held by WorldLink but not the exercise of any other options, warrants or other securities convertible to Common Shares previously issued by Colt).
The Units were acquired in the normal course of WorldLink's investment activities. WorldLink may, directly or indirectly, at any time and from time to time, increase or decrease its beneficial ownership or control or direction of the Colt's securities depending on future economic or market conditions.
SOURCE: WorldLink Resources Limited
For further information:
WorldLink Resources Limited
Room 1002, 10/F, Keen Hung Commercial Building
80 Queen's Road East, Wanchai, Hong Kong