Colt Resources Inc. (DB:P01) announced a private placement of 20,400,000 units at a price of CAD 0.07 per unit for gross proceeds of CAD 1,428,000 on August 26, 2016 . Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of CAD 0.10 per share for a period of 24 months. The company paid finders' fee on applicable subscriptions in cash or units equal to 8% of the securities issued. All securities issued are subject to a hold period of four months.