By Devika Patel
Knoxville, Tenn., Aug. 20 - Colt Resources Inc. said it raised C$1.23 million in the third tranche of a C$4.5 million private placement of units.
IBK Capital Corp. is the agent for the deal, which priced on Feb. 9. The company raised C$1 million on March 3 and C$1.1 million on May 25.
The company is selling 18 million units of one common share and one half-share warrant at C$0.25 each. It sold 4 million units in the first tranche, 4.4 million units in the second tranche and 4.9 million units in the third.
Each full warrant is exercisable at C$0.45 until Feb. 26, 2012. The strike price reflects a 50% premium to the Feb. 8 closing share price of C$0.30.
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: | March 31 (for C$1 million), May 25 (for C$1.1 million), Aug. 20 (for C$1,225,000)
|
| Stock symbol: | CNQ: GTP
|
| Stock price: | C$0.30 at close Feb. 8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
