Mr. David Johnson reports

DSM Resources Corp. has acquired from Spektra Drilling Canada Inc. 6.25 million common shares of Colt Resources Inc. and 10.5 million units of securities of CRI, with each unit comprising one common share and one share purchase warrant of CRI. Each warrant entitles DSM Resources to acquire one common share of CRI at an exercise price of 26 cents on or before Aug. 7, 2016.

The 16.75 million common shares of CRI now owned by DSM Resources represent approximately 9.64 per cent of the issued and outstanding common shares of CRI (before the exercise of the warrants). If DSM Resources exercised all of its warrants, it will own a total of 27.25 million common shares of CRI, representing approximately 14.8 per cent of the issued and outstanding common shares of CRI.

The acquisition of the common shares and the units of CRI by DSM Resources from SDC was completed by way of a private transaction.

The 6.25 million common shares and 10.5 million units of CRI were acquired by DSM Resources for investment purposes. DSM Resources may, in the future, increase or decrease its ownership of securities in CRI, directly or indirectly, from time to time, depending upon the business and prospects of CRI, future market conditions, and DSM Resources' investment objectives.

DSM Resources purchased the acquired securities for the following amounts:

• The 6.25 million common shares of CRI at 40 U.S. cents per common share. Based on the Bank of Canada noon exchange rate on Dec. 18, 2014, the price per common share is 46 cents;
• The 10.5 million units at a price of 21 cents per unit.