Colt Resources closes Private Placement
(via Thenewswire.ca)
Montreal, Quebec / TheNewswire / April 11 2016 - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has completed a private placement. Pursuant to the Private Placement, the Company has issued 9,770,000 Units for gross proceeds of $977,000 to the Company. Each Unit comprises of one common share at $0.10 per share and one-half of a warrant. Each full warrant will be exercisable at a price of $0.15 during a period of 36 months from the date of closing of the private placement. The Company has agreed to pay certain finders a cash commission of CAD 33,760 and to grant warrants to such finders entitling them to purchase an aggregate of 168,800 common shares of Colt at $0.15 CAD at any time before April 11, 2018.
The proceeds of the Offering will be used towards general working capital purposes and to fund the exploration program at the Alvalade copper-zinc project in the Iberian Pyrite Belt in Portugal.
All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the Closing Date, pursuant to securities legislation and the policies of the Exchange. The securities offered have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.
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