Trading
Symbols:
|
|
GTP – (TSX-V)
P01 – (FRANKFURT)
COLTF – (OTCQX)
|
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
MONTREAL, Sept. 24, 2014 /CNW Telbec/ - Colt Resources
Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX:
COLTF)
Shares for Debt
Colt announces that in order to
preserve its cash to fund the development of the Company's ongoing
projects, it has elected to issue shares to settle an aggregate of
$243,045 of debt, which is owing to
various arm's length vendors and service providers pursuant to the
provision of their services, through the issuance of 1,736,039
common shares of Colt at a deemed price of $0.14 (the "Transaction").
Upon completion of the Transaction, Colt will have 174,925,382
common shares issued and outstanding.
In addition, with respect to the Company's previously announced
transaction with Spektra Drilling Canada Inc. ("Spektra") on
August 7, 2014, $1,102,500 has been used to repay existing debt
owed to Spektra.
Resignation of Chief Operating Officer
Colt announces
that Mr. Declan Costelloe has
resigned as Executive Vice-President and Chief Operating Officer.
Senior operations staff in Portugal have been assigned additional
responsibilities in order to ensure a smooth transition.
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.