Colt Resources Inc. (DB:P01) will use the proceeds of $30 million from an option agreement to assist in the implementation of Colt's growth strategy, through increased participation in Colt Resources Middle East, other potential acquisitions, or otherwise, as well as for general corporate and working capital purposes. The option agreement gives Colt a right to issue and sell CITC-GEM Ltd, certain common stock of Colt for up to $30 million.