MONTREAL, Quebec, March 26, 2018 (GLOBE NEWSWIRE) -- Colt Resources Inc. (“Colt” or the “Company”) (TSXV:GTP) (FRA:P01) (OTC Pink:COLTF) announces that its wholly owned subsidiary, Q.S.P.A. - SOCIEDADE VITÍCOLA UNIPESSOAL, LDA., (“QSPA”), sold its winery in Portugal for gross proceeds of approximately €3.7 million net of transaction costs and subject to closing adjustments. Closing adjustments continue to be negotiated.
Once closing adjustments are finalized, QSPA anticipates receiving net proceeds of approximately €125,000 after repaying debts secured by the winery and posting legally required withholdings in Portugal. Additional amounts may be received by QSPA if certain accounts receivable, most of which are past due, are collected. Colt will work with counsel in Portugal to release the withholdings. Colt will provide additional updates in this regard when appropriate.
This is a significant milestone in the restructuring process of Colt that began in early 2017. A press release with highlights of the Company’s 2017 year will be issued shortly.
About Colt Resources Inc.
Colt Resources Inc. (www.coltresources.com) is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on copper and gold.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company’s shares trade on the TSX‐V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTC Pink, symbol: COLTF.
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Interim President & CEO
Colt Resources Inc.
FORWARD‐LOOKING STATEMENTS: Certain of the information contained in this news release may contain “forward‐looking information”. Forward‐looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the “Company”), or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward‐looking statements. Forward‐looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward‐looking statements and information are based on information available at the time and/or management’s good‐faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Company’s annual information form available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward‐looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward‐looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Source:Colt Resources Inc.