Junior mineral exploration outfit Colt Resources (CNSX:GTP, OTCQX:COLTF) confirmed that a previously announced placement of 10 million units at a price of 35 cents per unit is now completed.
The placing raised gross proceeds of CAD$3.5 million, with each unit consisting of one common share and one-half share purchase warrant with an exercise price of 45 cents that can be exercised up to February 25th, 2012.
“The Company will use the proceeds of this financing to accelerate work currently underway on its concessions in Portugal where Colt is the second largest holder of mineral claims, and for general working capital purposes,” Colt explained to investors.
Colt offered an 8% finder’s fee and 8% non-transferable compensation warrants in the non-brokered placement.
The company recently acquired the Montemor Gold Project in southern Portugal. Among the company`s other projects are the Tabuaco tungsten project and Penedono gold project, also both on Portugal.