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Press release from CNW Group

Colt Resources Provides an Update on its Previously-Announced Private Placement

Wednesday, February 06, 2013

Colt Resources Provides an Update on its Previously-Announced Private Placement18:30 EST Wednesday, February 06, 2013Trading Symbols:GTP - (TSX-V) P01 - (Frankfurt)COLTF - (OTCQX)/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/MONTREAL, Feb. 6, 2013 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has completed a second portion of the non-brokered private placement previously-announced on January 7, 2013 by issuing an aggregate of 2,605,041 common shares at a price of $0.45 per share, for total gross proceeds to the Company of $1,172,268. The common shares were issued to a Canadian based institutional investor as well a high net worth investor from Portugal. To date, Colt has raised total gross proceeds of $3,872,268 in the private placement.The Company now expects the total gross proceeds pursuant to the private placement to be slightly increased from up to $8,000,000 to up to $8,872,268. The Company expects the final portion of the private placement with the previously-announced Asian-based strategic investor to occur on or about February 18, 2013. The Company has received an executed subscription agreement and a confirmation that funds are to be expected immediately after Chinese New Year holidays. This final portion will be under the same terms as the previously-announced private placement, that is a price of $0.45 per share.The common shares issued by the Company are subject to a four-month hold period in accordance with applicable Canadian securities laws.This press release does not constitute an offer or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.About Colt Resources Inc.Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions.The Company's common shares trade on the TSX-V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.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.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.SOURCE: COLT RESOURCES INC.For further information: Nikolas Perrault, CFAPresident & CEO Colt Resources Inc.  Tel: +351-219-119810 Fax: +351-219-119820 info@coltresources.com Declan Costelloe CEng, Executive Vice President & COO Colt Resources Inc.  Tel: +351-219-119810 Fax: +351-219-119820 info@coltresources.comChristophe Romary, Vice President, Business DevelopmentColt Resources Inc.  Tel: +1 (514) 843-7178 Fax: +1 (514) 843-7704 info@coltresources.com Natalia Sokolova Vice President, Investor Relations Colt Resources Inc.  Tel: +1 (917) 574-2312 Fax: +1 (514) 843-7704 nsokolova@coltresources.comRenmark Financial Communications Inc.  Christine Stewart: cstewart@renmarkfinancial.com John Boidman: jboidman@renmarkfinancial.com Tel.: (416) 644-2020 or (514) 939-3989 www.renmarkfinancial.com