Colt Resources Inc. (DB:P01) announced a non brokered private placement of units 21,142,857 units at CAD 0.175 per unit for gross proceeds of CAD 3,700,000 on June 4, 2015. Each unit is comprised of one common share at and one warrant. Each whole warrant will be exercisable to acquire a share of the company at a price of CAD 0.25 during a period of three years from the date of closing. The securities issued are subject to a four-month and one day hold period from the closing date.


On the same date, the company issued 14,180,715 units at CAD 0.175 per unit for CAD 2,481,625.125 in first tranche. The second and last tranche is expected to be closed by the next week. The tranche included participation from new and existing investors.