DSM Resources Corp. acquired 9.65% stake in Colt Resources Inc. (DB:P01) from Spektra Drilling Canada Inc. for CAD 5.08 million on December 19, 2014. According to the agreement, DSM acquired 6.25 million common shares of Colt Resources Inc. and 10.5 million units of securities, with each unit comprised of one common share and one share purchase warrant of Colt Resources. The 6.25 million common shares of Colt Resources were purchased at CAD 0.46 for a total consideration of CAD 2.9 million and the 10.5 million units were purchased at a price of CAD 0.21 per unit for a total consideration of CAD 2.2 million. Each warrant entitles DSM to acquire one common share of Colt Resources at an exercise price of CAD 0.26 on or before August 7, 2016. The total number of common shares acquired is 16.8 million representing approximately 9.65% of the issued and outstanding common shares of CRI before the exercise of the warrants. If DSM exercised all of its warrants, DSM will own a total of 27.3 million common shares of CRI, representing approximately 14.8% of the issued and outstanding common shares of Colt Resources.

DSM Resources Corp. completed the acquisition of 9.65% stake in Colt Resources Inc. (DB:P01) from Spektra Drilling Canada Inc. on December 19, 2014.