Colt Resources (GTP.V), a Portugal-focused gold and tungsten exploration company, announced they received firm commitments from certain parties to conduct a non-brokered private placement.
The company plans to raise C$8M by issuing 17.77M shares at a price of C$0.45. The funds will be used for further exploration at Colt’s Boa Fe Gold Project and for general working capital purposes.
Although nobody likes to see dilution, we think this is a good move from Colt, as it’ll be more comfortable to have in excess of $8M in the treasury at a moment where other junior mining companies are going down the drain. We hope Colt will use the funds efficiently to further advance their gold and tungsten projects in Portugal.
Dowload the press release here
Disclosure: The author holds no position in Colt Resources Inc. Please see our disclaimer for current positions.
