/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
MONTREAL, Sept. 29 2014 /CNW Telbec/ - Colt Resources Inc.
("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF)
Based on a review of the original transaction announced on
September 11, 2014 between the
Company and Mr. Richard Quesnel,
President & CEO of Colt Resources Middle East ("CRME") for the
sale of the remaining portion of Colt's CRME investment, Colt,
which is pursuing a path of company and management reorganization,
and Mr. Quesnel are pleased to announce that they have renegotiated
the conditions of the original offer on the following amended
terms.
The Company will proceed with the sale to Mr. Quesnel for a
minimum of 3,000,000 and a maximum of 3,055,000 shares at
$0.20 per share resulting in proceeds
of $611,000, securing at least the
same proceeds as previously announced on September 11, 2014.
In addition, subject to CRME minority shareholder right of first
refusal provisions being waived or unexercised and upon
completion of the transaction, Colt may now retain up to
approximately 9 million CRME shares instead of divesting its
entire position in CRME.
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.