Colt Resources Middle East announced a private placement of unsecured convertible loan for gross proceeds of $800,000 on September 15, 2015. The transaction will include participation from Colt Resources Inc. The convertible loan carries a coupon of 5% per annum compounded semi-annually and would mature on 18 months from closing. The loan is convertible into common shares of the company at an exercise price of $0.30 per share.

If company obtains additional mining licenses in the Chagai region in Balochistan, Pakistan, the conversion price which the company will be able to convert the Loan into ordinary shares of $1 per share. The loan has been conditionally approved by the TSX Venture Exchange.