Canadian junior explorer Colt Resources (CVE:GTP) reported on Tuesday that all of its remaining outstanding warrants maturing in June have been exercised.
Colt officials said that the company is presently in the strongest financial position in its history, with about $17.5 million in cash and is debt free.
"We anticipate that these funds should be sufficient to advance both of our Montemor gold and Tabuaco tungsten advanced stage exploration projects through feasibility," said Colt Resources chief executive, Nikolas Perrault.
Looking ahead, the company said it will provide an operational update on all of its key projects in Portugal by next week.
Moreover, the company also announced on Tuesday that it has granted a sum of 450,000 incentive stock options to company consultants that have a term of five years, exercisable at 75 cents a share.
Colt Resources explores for gold and tungsten, and is the second largest lease holder of mineral concessions in Portugal.
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