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,
Sept. 11, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) announces today that in order to meet short term
working capital requirements and to strengthen its balance it has
accepted an offer from Mr. Richard
Quesnel, by which he will be purchasing up to 12,220,557
shares of privately held Colt Resources Middle East ("CRME") for
$CAD 611,027. This offer has effectively triggered a right of first
refusal by which all the remaining CRME shareholders now have 30
days to exercise their pro rata right to match Mr. Quesnel's offer.
Upon completion of this transaction, Colt will have divested itself
completely of its CRME holdings and will be exclusively focused
going forward on the development of its Portugal projects.
In addition, Colt will be proceeding with
another closing of its Senior Note ("SN") offering for which it has
received $US 200,000 in the form of
an executed promissory note which will be immediately convertible
into the SN once appropriate documentation, regulatory filings and
approvals are received. Similar subsequent closings are anticipated
and will be released as they are completed.
These transactions combined with the aggressive
and continuing cost cutting program which should be completed by
the end of the third quarter, will give Colt financial flexibility
and time to conclude advanced Partnering/Joint Venture discussions
as well as to pursue ongoing parallel funding initiatives. The
primary objective of the company remains the completion of bankable
feasibility studies at both of its flagship Portugal projects, namely the Boa Fé-Montemor
Gold Project and the Tabuaço Tungsten Project. Positive PEA's have
been completed on both of these projects in 2013.
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.