Trading Symbols: |
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GTP - (TSX-V) |
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P01 - (FRANKFURT) |
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COLTF - (OTCQX) |
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
MONTREAL,
Aug. 7, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) and Spektra Drilling Canada Inc. ("Spektra Canada")
announce today that Spektra Canada has acquired 10,500,000 units of
securities ("Units") from Colt on a private placement basis at
$0.21 per Unit for aggregate
consideration of $2.205
million. Each Unit is comprised of one common share of
Colt and one common share purchase warrant (a "Warrant").
Each Warrant shall entitle Spektra Canada to acquire one common
share of Colt (a "Warrant Share") at an exercise price of
$0.26 for a period of two years
following the closing date. The common shares and Warrants
comprising the Units and the Warrant Shares will be subject to a
four-month and one day hold period in accordance with Canadian
securities laws.
"In a challenging industry environment, we
are very pleased to receive such vote of confidence from a key
industry player with whom we look forward to developing a long term
relationship. This latest investment supports the aggressive
drilling program currently under way at our Tabuaço tungsten
project." stated Nikolas
Perrault, Colt President and
CEO.
After completion of the private placement,
Spektra Canada owns 16,750,000 common shares of Colt, representing
approximately 9.7% of the issued and outstanding common shares of
Colt (before the exercise of the Warrants). Assuming the exercise
of all of the Warrants, Spektra Canada will own a total of
27,250,000 Common Shares of Colt, representing approximately 15% of
the issued and outstanding common shares of Colt. Spektra
Canada is a wholly owned subsidiary of Spektra Jeotek A.S.
("Spektra Jeotek"), a Turkish company. Spektra Jeotek is
controlled by Mr. Levent Okay.
Neither Spektra Jeotek nor Mr. Levent
Okay own any common shares of Colt, nor do they exercise
control or direction over any common shares of Colt other than
those owned by Spektra Canada. The Units were acquired by
Spektra Canada for investment purposes. Spektra Canada may from
time to time acquire additional Units or other securities of Colt,
dispose of some or all of the existing or additional common shares
or other securities of Colt, or continue to hold same in the normal
course of its investment activities.
In connection with the purchase of Units by
Spektra, a letter agreement (the "Letter Agreement") was entered
into between Spektra's parent company, Spektra Jeotik A.S.,
("Spektra Jeotek") and Colt on August 5,
2014. The letter agreement provides that Colt will,
out of the proceeds for the Units, pay to Spektra Jeotek for past
drilling services and for future drilling services pursuant to a
drilling contract between Colt and Spektra Jeotek.
Additionally, Colt has agreed to appoint a nominee of Spektra to
the board of directors of Colt, subject to regulatory approval.
Also in connection with the purchase of Units by
Spektra, a voting trust agreement (the "Voting Trust Agreement")
was entered into between Colt, Spektra and a voting trustee.
Pursuant to the Voting Trust Agreement, the voting trustee has been
granted the authority to vote the common shares of Colt owned by
Spektra, subject to certain exceptions. The Voting Trust
Agreement shall terminate upon Spektra Canada owning 5% or less of
the issued and outstanding Common Shares of Colt.
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.