Colt Resources Inc. (TSXV:GTP) announced that in connection with its previously announced offer for the conversion in shares of its senior secured dept in the aggregate principal amount of US$2.7 million, it has entered into agreements with all of its remaining note holders.
As quoted in the press release:
Pursuant to the Agreements and subject to TSX Venture Exchange approval, Colt will issue to the Creditors a total of 5,107,364 units at a deemed price of CA$0.175 per Unit in payment of US$700,000 in senior secured notes and all accrued interest thereon at the date of the Agreement in the amount of US$26,658. The Company elected to satisfy this outstanding indebtedness with Units to preserve its cash for operations.
Each Unit will be comprised of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire for a period of three years one common share of Colt at a price of CA$0.25 per common share. The securities issued to the Creditor will be subject to a four-month plus one day statutory resale restriction.