Colt Resources Inc
Symbol§C : GTP Shares Issued 176,521,221 Close 2015-03-05 C$ 0.135 Recent Sedar Documents View Original Document Colt completes final $2-million closing of placement
2015-03-06 16:06 ET - News Release
Mr. Nikolas Perrault reports
COLT RESOURCES STRENGTHENS ITS BALANCE SHEET
Colt Resources Inc. has completed a second and final closing on its current private placement. Pursuant to this final closing, the company will be issuing a total of 20 million units for gross proceeds of $2-million. Each unit is composed of one common share at 10 cents per share and one-half of a warrant. Each whole warrant will be exercisable at a price of 15 cents during a period of 36 months from the date of closing.
The company will be paying a finder's fee of $88,520 in cash equal to 8 per cent 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 per cent of the number of units issued and sold on this same portion of the applicable subscriptions. Each finder's warrant shall be exercisable to acquire one common share of the company at an exercise price of 15 cents per share for a period of 24 months from the closing date.
The proceeds of the offering will be applied toward bankable-feasibility-study-related work on the company's Tabuaco tungsten project, as well as for general working capital purposes.
Chief executive officer Nikolas Perrault commented: "We are very pleased to have been able to complete this important financing despite challenging market conditions. It will not only allow us to resume project development work in Portugal but enhance our ability to complete other initiatives under way, as well as provide stability necessary to attract additional talent as part of the company?s ongoing restructuring efforts."
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