Colt boosts holdings in Middle Eastern unit to 15.76%
2015-05-14 12:25 ET - News Release
Mr. Nikolas Perrault reports
COLT RESOURCES PROVIDES A CORPORATE UPDATE ON ITS ASSOCIATE COLT RESOURCES MIDDLE EAST
During the month of April, 2015, and as previously reported in Colt Resources Inc.'s annual management's discussion and analysis dated April 30, 2015, for the year ended Dec. 31, 2014, the company invested in its associate, Colt Resources Middle East (Cayman), a private company focused on acquiring near-term production assets in the greater Middle East region.
Colt subscribed to 2,000,000 shares of CRME at a price of $0.20 per share for an investment of $400,000. As a result of this investment, the Company's share in CRME increased to 15.76% Colt is closely monitoring developments of the business of its associate, CRME, and, if given an opportunity, it will consider further increasing its position in CRME.
CRME may be considered a non-arm's length party to the Company under the policies of the TSX Venture Exchange as the President and Chief Executive Officer of Colt is a director of CRME. Therefore, the transaction remains subject to TSX Venture Exchange approval. The price of the shares issued as part the transaction was determined based on a recent private placement done by CRME with other private investors in the first quarter of 2015.
Additional details on CRME are available in the MD&A, which is available on SEDAR at
www.sedar.com.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.
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