/NOT FOR RELEASE IN THE UNITED STATES
OF AMERICA/
Trading Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
Feb. 18, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce that Colt Resources Middle
East (Cayman) ("Colt Middle
East"), its subsidiary which sits atop of the Company's
Middle Eastern initiatives, has completed an initial closing of its
previously announced (See January
22nd, 2014 Press Release) private placement (the
"Offering"). Colt Middle East will
issue 20,666,667 ordinary shares at a price of CND$0.15 per share,
for net proceeds to the Company of CDN$3,100,000. The Company expects to complete a
final closing next week.
Colt Middle
East's CEO, Richard Quesnel
stated: "The closing of this financing marks an important milestone
in our ongoing efforts to secure near production stage assets in
the Greater Middle East. Net
proceeds from the Offering will be used for working capital
necessary to support initiatives which began last summer aimed at
securing mining licenses in the Greater
Middle East region."
Colt CEO, Nikolas
Perrault stated: "With the closing of this financing, Colt
has now successfully incubated and launched a new company in which
it will retain a significant stake going forward. The Company
is confident that its investment in Colt
Middle East will benefit and flourish under Richard`s direct
leadership while it continues with its ongoing efforts to bring
both of its core projects in Portugal through Bankable Feasibility later
this year."
No individual or company will receive
compensation in connection with the Offering. The Offering was
effected in accordance with the securities laws of the Cayman Islands and any other applicable
jurisdiction with accredited investors and other exempt purchasers,
each investor subscribing to a minimum of CND$150,000 in ordinary
shares of Colt Middle East.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The
securities 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 within the United
States unless an exemption from such registration is
available.
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 and on securing mining licenses in
the Greater Middle East
region.
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.