By Devika Patel
Knoxville, Tenn., Feb. 9 - Colt Resources Inc. said it plans a private placement of units for C$4.5 million. IBK Capital Corp. is the agent.
The company will sell 18 million units of one common share and one half-share warrant at C$0.25 each. Each full warrant is exercisable at C$0.45 until Feb. 26, 2012.
Settlement is expected Feb. 26.
Proceeds will primarily be used to accelerate work at the Tabuaço tungsten deposit and to expand the drilling program on the San Antonio high-grade gold deposit in Portugal. The remaining funds will be allocated to Colt's two other concessions in Portugal, the Moimenta-Almendra Concession and the Santo Margarida do Sado Concession, and for working capital purposes.
Colt Resources is a junior mineral exploration company based in Vancouver, B.C.
| Issuer: | Colt Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4.5 million
|
| Units: | 18 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Feb. 26, 2012
|
| Warrant strike price: | C$0.45
|
| Agent: | IBK Capital Corp.
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 26
|
| Stock symbol: | CNQ: GTP
|
| Stock price: | C$0.30 at close Feb. 8
|
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