NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES
Trading
Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
Oct. 16, 2013 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce that it has completed a
non-brokered private placement with a leading industry player (the
"Non-Brokered Private Placement"). Pursuant to the Non-Brokered
Private Placement, the Company has issued 6.25 million common
shares at a price of US$0.40 per
share, for net proceeds to the Company of $US2.5 million.
Colt's CEO, Nikolas
Perrault stated "The near 30% premium obtained above our
30-day VWAP is a strong vote of confidence." Proceeds from
the Non-Brokered Private Placement will be applied towards
feasibility work on both Colt's Boa Fé Montemor gold and Tabuaço
tungsten projects in Portugal as
well as for general working capital purposes.
The common shares issued and sold under the
Non-Brokered Private Placement will be subject to a four-month hold
period in accordance with Canadian securities laws.
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.
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.
The Company's shares trade on the TSX‐V, symbol:
GTP; the Frankfurt Stock Exchange,
symbol: P01; and, the OTCQX, symbol: COLTF.
FORWARD-LOOKING STATEMENTS: Certain of the
information contained in this news release may contain
"forward-looking information". Forward-looking information and
statements may include, among others, statements regarding the
future plans, costs, objectives or performance of Colt Resources
Inc. (the "Company"), or the assumptions underlying any of the
foregoing. In this news release, words such as "may", "would",
"could", "will", "likely", "believe", "expect", "anticipate",
"intend", "plan", "estimate" and similar words and the negative
form thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether, or the times at or by which, such future
performance will be achieved. Forward-looking statements and
information are based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond the
Company's control. These risks, uncertainties and assumptions
include, but are not limited to, those described under "Risk
Factors" in the Company's annual information form available on
SEDAR at www.sedar.com and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. The Company does not intend, nor does the Company
undertake any obligation, to update or revise any forward-looking
information or statements contained in this news release to reflect
subsequent information, events or circumstances or otherwise,
except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
SOURCE Colt Resources Inc.