|Trading Symbols:|| GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 8, 2012 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that 13.4 million share purchase warrants have been recently exercised, the majority of which were exercised in the latter half of February 2012, into an equivalent number of common shares of the Company for total proceeds of approximately $6M.
"We thank our shareholders for their continued confidence and support." said Nikolas Perrault, President and CEO of Colt. "These additional funds have raised the Company's current cash position above $10M and allows us to maintain the current pace of activities on the Company's Tabuaço Tungsten and Boa Fé Montemor Gold Projects" he added, "We remain committed to the objective of producing an updated NI 43-101 compliant resource estimate for Tabuaço Tungsten Project as well as generating an initial NI 43-101 compliant report for the Boa Fé Montemor Gold Project by mid-year."
As a result of this successful warrant maturity and exercise, the Company's capital structure has become simplified as shown in the table below.
|Total Shares O/S||111,907,430|
|O/S Warrant Table|
|Reason||Warrant Expiry||Warrant Price||Total O/S|
|Average Option Price||Total O/S|
|Coupon||Convert. Price||Total O/S|
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions.
SRK ES Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is the independent qualified person, as defined in NI 43‐101, for Colt's projects in Portugal. Mr. O'Donovan has reviewed the content of this press release, and consents to the information provided in the form and context in which it appears.
The Company's shares trade on the TSX‐V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's revised annual information form dated April 20, 2011 available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE COLT RESOURCES INC.