Colt Resources Sells 1 Million Shares to Settle Debt

Colt Resources Inc. (TSXV:GTP) announced it will issue 1,069,718 shares and 179,550 share purchase warrants, at a weighted average deemed price of $0.12, in order to settle an aggregate debt of $132,543, which is owed to various vendors and service providers.

As quoted in the press release:

Each share purchase warrant shall be exercisable at a price of $0.15 per share to acquire one common share of the Company for a period of 36 months from the closing date. Upon completion of the Transaction, Colt will have 196,240,939 common shares and 16,179,548 share purchase warrants issued and outstanding.

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