Morganti Legal, P.C. Announces Shareholder Investigation of Colt Resources, Inc.

TORONTO--()--Morganti Legal, P.C., announces that it has been contacted by investors to investigate Colt Resources, Inc. (TSX-V: “GTP” and CUSIP: “196874”) and Nikolas Perrault, the Company’s former President and Chief Executive Officer.

“held by Turcolt with a local Turkish bank”

The focus of the investigation concerns the unauthorized and unannounced allocation of the Company’s capital to Turcolt Resources Madencilik Anonim Sirketi (“Turcolt”) and it’s banking institution in Turkey. We are also investigating the circumstances as to why Nikolas Perrault was unexpectedly replaced without any reasons or releasing a Material Change Report about the same.

On November 30, 2016, Colt released its 3Q 2016 Financial Statement and MD&A. For the first time, these documents disclosed that on or about July 13, 2016, Colt made a C$0.74 million equity investment in Turcolt, a Turkish-based and incorporated company with no operations and the shareholder agreement supporting the ownership interest was unknown. The Company also announced a net loss of C$4.06 million for the nine months ended September 30, 2016, it had C$2.96 cash “held by Turcolt with a local Turkish bank”, and did not have sufficient capital to meet its needs for the next twelve months. On February 15, 2017, the TSX Venture Exchanged halted trading of Colt’s securities.

Any person with information about Colt Resource’s allocation of capital to and investment in Turcolt are encouraged to contact Morganti Legal. Confidentiality will be respected. Investors who purchased Colt Resource's securities between July 13, 2015 and November 30, 2016, are also encouraged to stay informed. You may contact us at (647) 344-1900 or by email at info@morgantilegal.com for further information.

Morganti Legal, P.C. is a law firm that investigates, litigates and resolves economic and financial disputes. You may learn more about Morganti Legal, P.C., at www.morgantilegal.com.

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Contacts

Morganti Legal
Andrew Morganti, 647-344-1900
info@morgantilegal.com

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