Colt Resources Inc. (DB:P01) announced a non-brokered private placement of 9,770,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 977,000 on April 11, 2016. Each unit consists of one common share and one-half of one share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of CAD 0.15 per share for a period of 36 months from closing.

The transaction included participation from 10 placees. The company will pay CAD 33,760 as finders' fees and will issue 168,800 warrants with exercise price of CAD 0.15 and maturity of April 11, 2018 to Helmut Finger, Frankfurt Capital Markets Consulting GBR and C3 Media Inc. The securities are being issued are subject to a four-month hold period from closing.