PRESS RELEASE – Feburary 18, 2014
(TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that Colt Resources Middle East (Cayman) (“Colt Middle East”), its subsidiary which sits atop of the Company’s Middle Eastern initiatives, has completed an initial closing of its previously announced (See January 22, 2014 Press Release) private placement (the “Offering”). Colt Middle East will issue 20,666,667 ordinary shares at a price of CND$0.15 per share, for net proceeds to the Company of CDN$3,100,000. The Company expects to complete a final closing next week.
Colt Middle East’s CEO, Richard Quesnel stated: “The closing of this financing marks an important milestone in our ongoing efforts to secure near production stage assets in the Greater Middle East. Net proceeds from the Offering will be used for working capital necessary to support initiatives which began last summer aimed at securing mining licenses in the Greater Middle East region.”
Colt CEO, Nikolas Perrault stated: “With the closing of this financing, Colt has now successfully incubated and launched a new company in which it will retain a significant stake going forward. The Company is confident that its investment in Colt Middle East will benefit and flourish under Richard`s direct leadership while it continues with its ongoing efforts to bring both of its core projects in Portugal through Bankable Feasibility later this year.”
No individual or company will receive compensation in connection with the Offering. The Offering was effected in accordance with the securities laws of the Cayman Islands and any other applicable jurisdiction with accredited investors and other exempt purchasers, each investor subscribing to a minimum of CND$150,000 in ordinary shares of Colt Middle East.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.