Colt Resources completes $3.8 million Private Placement
(via Thenewswire.ca)
Montreal, Quebec, Canada /TheNewswire / July 13, 2015 - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTC Pink: COLTF) announces that it has completed a second and final closing of $1,340,923 on its previously announced private placement on June 3, 2015. 7,662,422 additional units of securities ("Units") have been issued by Colt on a private placement basis at $0.175 per Unit. Each Unit is comprised of one common share of Colt and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle unitholders to acquire one common share of Colt (a "Warrant Share") at an exercise price of $0.25 for a period of three years following the closing date. The common shares and Warrants comprising the Units and the Warrant Shares will be subject to a four-month and one day hold period in accordance with Canadian securities laws.
With this second and final closing, the Company has raised in this offering a gross total amount of $3,822,549 for which a total of 21,843,137 Units have been issued. The Company has paid finders' fee of $257,774 in cash equal to 8% on a portion of the gross proceeds raised from applicable subscriptions in the private placement. In addition, the Company will grant finders' warrants equal to 8% of the number of units issued and sold on this same portion of the applicable subscriptions.
CEO, Nikolas Perrault commented "We are very pleased to have been able to complete this important financing despite challenging market conditions. It allows us to resume project development work in Portugal as well as support our ongoing initiatives aimed at broadening our asset portfolio for maximum shareholder benefit".
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of securities in the United States. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
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