TSX Venture Exchange Canadian Trading Symbol: CTR.P
COQUITLAM, BC, April 30 /CNW/ - Coltstar Ventures Inc. ("Coltstar") is pleased to announce that it has on April 29, 2009 completed its acquisition of 100% of the issued and outstanding quota of Tuscany Minerals s.r.l. (the "Transaction") from Bayswater Uranium Corporation ("Bayswater") (as previously announced on January 30, 2009), and which constitutes Coltstar's "Qualifying Transaction" as such term is defined in TSX-V Policy 2.4. As a result of the completion of this transaction, Coltstar will now be listed as a Tier 2 Mining Issuer. For more information on the Transaction please refer to the Filing Statement filed on Sedar on April 3, 2009.
Concurrently with the closing of the Transaction, Coltstar has completed a private placement raising $700,000 through the sale of its common shares at a price of $0.25 per common share (the "Private Placement"). PI Financial Corp. (the "Agent") acted as agent for the Private Placement. As compensation for its services the Agent received 224,000 warrants (the "Warrants") to purchase common shares of Coltstar, each warrant exercisable at a price of $0.25 per common share until April 29, 2011. The Agent also received a corporate finance fee and a cash commission equal to 8% of the gross proceeds of the Private Placement.
The 1,000,000 common shares issued to Bayswater pursuant to the Transaction, the 2,800,000 common shares issued pursuant to the Private Placement and shares issued to the Agent pursuant to its exercise of the Warrants are subject to a hold period expiring on August 30, 2009.
It is anticipated that trading in the Company's shares will resume on the TSX-V on May 4, 2009.
On behalf of the Board of Directors
"Bruno Gasbarro"
President, Chief Executive Officer and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.