Colt Resources Inc.
CNQ : COLT

Colt Resources Inc.

January 08, 2008 09:00 ET

Colt Closes Non-Brokered Private Placements of Units and Flow-Through Common Shares

RICHMOND, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - Colt Resources Inc. (the "Company" or "Colt") (CNQ:COLT) is pleased to announce that further to the Company's News Releases dated November 7th, November 28th, and December 19th, 2007 respectively, the Company has closed both Offerings for total gross proceeds of $997,000.

The Company has issued 3,908,000 Units at $0.25 per Unit for total proceeds of $977,000. Each Unit consists of one common share and one warrant. One warrant entitles the holder to purchase an additional common share at $0.30 per share for a term of 36 months. In addition, the Company has issued 57,143 Flow-Through common shares at $0.35 per share for total proceeds of $20,000. The Company will pay finders' fees, where applicable, of up to 8% of the proceeds, along with finders' warrants entitling the finder to purchase that number of common shares of the Company at $0.25 per share as is equal to 8% of the number of Units and flow-through common shares as is applicable. The finders' warrants will expire 12 months after their issuance.

The Company intends to use the proceeds from both Offerings for mineral properties and for general working capital purposes.

Colt Resources Inc.

Bedo H. Kalpakian, President, CEO and CFO

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements.

The CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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