Colt Resources Closes Final Tranche of $3.8 Million Private Placement

Colt Resources Inc. (TSXV:GTP) announced that its has completed the second and final tranche of its private placement for $1,340,923, for the gross total amount of $3,822,549. The company issued a total of 21,843,137 unit, which are comprised of one common share and one purchase warrant.
As quoted in the press release:

7,662,422 additional units of securities (“Units”) have been issued by Colt on a private placement basis at $0.175 per Unit.  Each Unit is comprised of one common share of Colt and one common share purchase warrant (a “Warrant”).  Each Warrant shall entitle unitholders to acquire one common share of Colt (a “Warrant Share”) at an exercise price of $0.25 for a period of three 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.
With this second and final closing, the  Company has  raised in this offering a gross total  amount of $3,822,549 for which a total of 21,843,137 Units have been issued. The Company has paid finders’ fee of $257,774 in cash equal to 8% on a portion of the gross proceeds raised from applicable subscriptions in the private placement. In addition, the Company will grant finders’ warrants equal to 8% of the number of units issued and sold on this same portion of the applicable subscriptions.

Nikolas Perraultm CEO of Colt Resources, commented:

We are very pleased to have been able to complete this important financing despite challenging market conditions. It allows us to resume project development work in Portugal as well as support our ongoing initiatives aimed at broadening our asset portfolio for maximum shareholder benefit.

Click here to read the full Colt Resources Inc. (TSXV:GTP) press release.
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