Trading Symbols: |
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX) |
/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
MONTREAL,
March 17, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) announces that it has arranged to settle some of its
existing debt via the issuance of shares.
Shares for interest payment on Senior
Note
Colt has settled the interest of the Senior Note owed as of
December 31, 2013. See Press Release
from November 4th, 2013.
The Company has issued an aggregate of 130,660 common shares at a
deemed price of $0.2988 per common
share. The amount of indebtedness to be settled by this arrangement
totals CDN$39,041. The Senior Note
agreement provides for automatic settlement of interest payment by
way of share issuance. Note holders wishing to receive their
interest payment in cash must notify the Company 30 days prior to
each coupon date. This share issuance has been conditionally
approved by the TSX Venture Exchange.
Shares for Debt Owed to Former CFO
Colt announces that it has arranged to settle part of the
outstanding debt owed to its former CFO, Mr. Aurelio Useche, by issuing an aggregate of
368,193 common shares at a deemed price of $0.3011 per common share. The amount of
indebtedness to be settled by this arrangement totals CDN$110,863.60 Mr. Aurelio Useche resigned as the Company's CFO on
December 4th, 2013.
The common shares issued in connection with this
debt settlement will be subject to a hold period of four months
from issuance. The arrangement is subject to approval of the TSX
Venture Exchange.
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 focused on advanced stage
development projects in Portugal
as well as securing additional advanced stage mining projects.
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.