VANCOUVER, July 24, 2013 /CNW/ – WorldLink Resources Limited (“WorldLink“), a company incorporated under the laws of Hong Kong, announces that
pursuant to a private placement subscription agreement (“Subscription Agreement“) entered into between WorldLink and Colt Resources Inc. (TSX-V: GTP,
OTCQX: COLTF and FWB: P01) (“Colt“) on July 19, 2013, WorldLink acquired ownership and control over
14,285,715 units (the “Units“) of the Corporation (each such Unit being comprised of one common
share of the Corporation (a “Common Share“) and one-fourth (1/4) of a common share purchase warrant (each whole
warrant, a “Warrant“)), at a subscription price of C$0.35 per Unit, for an aggregate
subscription price of C$5,000,000.25.
The Warrants acquired by WorldLink entitle it to purchase up to
3,571,428 Common Shares at an exercise price of C$0.45 per Common Share
on or before July 24, 2018. The Warrants will be subject, at Colt’s
discretion, to an accelerated exercise period after January 24, 2014 if
the VWAP of the Common Shares is equal to or greater than C$0.90 for a
period of 30 consecutive trading days.
Following the Subscription, the Units (comprising the Common Shares and
the Warrants) held by WorldLink represent approximately 11.7% of the
issued and outstanding Common Shares of Colt (after giving effect to
the exercise of the Warrants held by WorldLink but not the exercise of
any other options, warrants or other securities convertible to Common
Shares previously issued by Colt).
The Units were acquired in the normal course of WorldLink’s investment
activities. WorldLink may, directly or indirectly, at any time and from
time to time, increase or decrease its beneficial ownership or control
or direction of the Colt’s securities depending on future economic or
SOURCE WorldLink Resources Limited