/NOT FOR RELEASE IN THE UNITED
STATES OF AMERICA/
Trading Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
March 4, 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"), one of its affiliates and which sits atop of the
Company's Middle Eastern initiatives, has completed the second and
final closing of its previously announced private placement (the
"Offering") (See January
22nd, 2014 Press Release). Colt Middle East will issue 6,833,333 ordinary
shares at a price of CND$0.15 per share, for gross proceeds to the
Company of CDN $1,025,000.
Colt Middle East
also announces the appointments of Mr. Shahal Khan as Chairman of
its Board, Mr. Haji Malik Shah
Baloch as Executive Director, Mr. Shahab Jaffrey as Chief Financial Officer and
Mr. Alun Richards as Chief
Investment Officer. Mr. Shahal Khan and Mr. Haji Malik Shah Baloch have been Special Advisors to
Colt since October 28, 2013 and Mr.
Shahab Jaffrey as Chief Financial
Officer to Colt since December
4th 2013). Mr. Richards has worked for over 25
years in the financial services industry managing in excess of
$3Bn of financial assets and
successfully completing a number of major acquisitions and
integrations of businesses totalling in excess of $40Bn.
Colt Middle
East's CEO, Richard Quesnel
stated: "The addition of Mr. Khan as our new Chairman, Mr.
Baloch as our new executive director, Mr. Jaffrey as our new Chief
Financial Officer and Mr. Richards as our new Chief Investment
Officer solidifies our team and greatly enhances the skill sets and
local knowledge required to acquire and develop near term
production world class mining assets in the Greater Middle East and Central/South Asia. Last week, Colt Middle East management was in Pakistan where constructive meetings took
place with Senior Government officials. More detailed
discussions are expected to follow. There was extensive local media
coverage in Pakistan of our
visit."
Colt CEO, Nikolas
Perrault stated "With this financing completed, Colt has
successfully completed the incubation of a new company in which it
will retain a significant stake. We are confident in the long term
potential which Colt Middle East
represents for Colt shareholders under the direct stewardship of
our Executive Chairman."
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.