Colt Resources Inc. announced that it expects to receive CAD 8 million in funding.
On the same day, the company closed the first tranche of the transaction. The company issued 6,000,000 common shares for gross proceeds of CAD 2,700,000 in first tranche. The company expects to complete final closing on or about January 11, 2013.
On January 28, 2013, the TSX Venture Exchange accepted for filing documents with respect to the first tranche of the transaction. There was a single placee in the first tranche. The company paid CAD 162,001 in cash as finder's fee to Rosis-Investimentos, LDA and also issued non-transferable broker warrants to purchase an aggregate of 360,000 common shares at CAD 0.45 per share on or before January 7, 2014.