By Devika Patel
Knoxville, Tenn., July 3 - Colt Resources Inc. said it will proceed with a C$5 million non-brokered private placement of units.
The company will sell 20 million units at C$0.25 apiece. Each unit consists of one common share and one warrant. Each warrant will be exercisable at C$0.30 for three years.
Proceeds will be used for exploration expenditures on the company's mineral properties in Portugal and for general working capital.
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 warrant
|
| Amount: | C$5 million
|
| Units: | 20 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | July 3
|
| Stock symbol: | CNQ: COLT
|
| Stock price: | C$0.20 at close July 2
|
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