Colt Resources Closes $2.5 Million Private Placement

 Colt Resources (TSXV:GTP) announced the closing of a $2.5 million private placement on Wednesday.

As quoted in the press release:

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.

The Company aims to close an aggregate of $3.7 million and expects to announce a second and final closing in the next week.

Colt Resources president and CEO, Nikolas Perrault, said:

In a challenging industry environment, we are very pleased to receive such vote of confidence from existing and new shareholders in support of our ongoing initiatives. A portion of the proceeds from this financing is also being earmarked for strategic acquisition purposes.

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