Trading Symbols: | GTP - (TSX-V) P01 - (FRANKFURT) COLTF - (OTCQX) |
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
MONTREAL, March 17, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF)
announces that it has arranged to settle some of its existing debt via
the issuance of shares.
Shares for interest payment on Senior Note
Colt has settled the interest of the Senior Note owed as of December 31,
2013. See Press Release from November 4th, 2013. The Company has issued an aggregate of 130,660 common shares at
a deemed price of $0.2988 per common share. The amount of indebtedness
to be settled by this arrangement totals CDN$39,041. The Senior Note
agreement provides for automatic settlement of interest payment by way
of share issuance. Note holders wishing to receive their interest
payment in cash must notify the Company 30 days prior to each coupon
date. This share issuance has been conditionally approved by the TSX
Venture Exchange.
Shares for Debt Owed to Former CFO
Colt announces that it has arranged to settle part of the outstanding
debt owed to its former CFO, Mr. Aurelio Useche, by issuing an
aggregate of 368,193 common shares at a deemed price of $0.3011 per
common share. The amount of indebtedness to be settled by this
arrangement totals CDN$110,863.60 Mr. Aurelio Useche resigned as the
Company's CFO on December 4th, 2013.
The common shares issued in connection with this debt settlement will be
subject to a hold period of four months from issuance. The arrangement
is subject to approval of the TSX Venture Exchange.
About Colt Resources Inc.
Colt Resources Inc. (www.coltresources.com) is a Canadian mining exploration and development company engaged in
acquiring, exploring, and developing mineral properties with an
emphasis on gold and tungsten. It is focused on advanced stage
development projects in Portugal as well as securing additional
advanced stage mining projects.
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 annual information form 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.
<p> </p> <p> <a href="http://www.coltresources.com/en/board-directors">Richard Quesnel</a><br/> <b>Executive Chairman</b><br/> <b>Colt Resources Inc. </b><br/> Tel: +1 (514) 249-6320<br/> Fax: +1 (514) 843-7704<br/> <a href="mailto:rquesnel@coltresources.com">rquesnel@coltresources.com</a> </p> <p> <a href="http://www.coltresources.com/en/management-team">Nikolas Perrault</a><b>, CFA </b><br/> <b>President & CEO</b><br/> <b>Colt Resources Inc. </b><br/> Tel: +351-219-119810<br/> Fax: +1 (514) 635-6100<br/> <a href="mailto:nperrault@coltresources.com">nperrault@coltresources.com </a> </p> <p> <a href="http://www.coltresources.com/en/management-team">Shahab Jaffrey</a><br/> <b>Chief Financial Officer</b><br/> <b>Colt Resources Inc. </b><br/> Tel: +1-514-843-7178<br/> Fax: +1-514-843-7704<br/> <a href="mailto:sjaffrey@coltresources.com">sjaffrey@coltresources.com</a><br/> </p>