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Colt Resources Inc. (TSXV:GTP,OTCQX:COLTF) announced that Mr. Declan Costelloe has resigned from his position as Executive Vice-President and Chief Operating Officer. The Company also reported the issuance of shares for debt to vendors and service providers.
As quoted in the press release:
Colt announces that in order to preserve its cash to fund the development of the Company’s ongoing projects, it has elected to issue shares to settle an aggregate of $243,045 of debt, which is owing to various arm’s length vendors and service providers pursuant to the provision of their services, through the issuance of 1,736,039 common shares of Colt at a deemed price of $0.14 (the “Transaction”).
Upon completion of the Transaction, Colt will have 174,925,382 common shares issued and outstanding.
Click here to read the Colt Resources Inc. (TSXV:GTP,OTCQX:COLTF) press release
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