Mr. Arndt Roehlig reports:
Vancouver, BC: Coltstar Ventures Inc. (the “Company”) is pleased to announce the revocation of Cease Trade Orders (“CTOs”) issued against the Company by the British Columbia Securities Commission (“BCSC”) on May 9, 2012, the Alberta Securities Commission (“ASC”) on Aug 10, 2012 and the Ontario Securities Commission (“OSC”) on May, 30 2012. The CTOs were issued against the Company for failure to timely file 2011 annual consolidated financial statements and accompanying Management Discussion and Analysis (“MD&A”). The Company confirms it has filed on Sedar its annual audited financial statements and accompanying MD&As for the years ending December 31, 2011 and 2012 as well as its unaudited condensed consolidated interim financial statements and accompanying MD&As for the periods ended March 31, 2012, June 30, 2012, September 30, 2012 and March 31, 2013, along with CEO and CFO certifications for each of the financial statements filed.
The Company was granted a partial revocation order on January 17, 2013 and a variation to the same order on Feb. 22, 2013 to in order allow it to complete a settlement with former management and directors and certain other related parties by way of the return to treasury of 8,724,001 shares of the Company, and to complete a settlement of shares for debt totaling 1,672,919 common shares with several other parties. The shares for debt settlement was completed on February 26, 2013 and the return to treasury settlement was completed on March 26, 2013, with news releases issued for both settlements.
The Company filed an amended NI 43-101 compliant technical report on the Company’s Mackenzie Mountain Iron Copper Project located in Nunavut, Canada, on April 25, 2013, which is available for viewing on Sedar.
The Company held the annual and special meeting of shareholders on June 13, 2013. Shareholders of the Company received the audited consolidated financial statements of the Issuer for the fiscal years ended December 31, 2011 and December 31, 2012.
Coltstar Ventures Inc.’s future plans are to continue to raise funds through a combination of asset sales and private placements without overly diluting the existing shareholders, in order to provide sufficient working capital for operating costs and exploration, and to fund the possible acquisitions of mineral properties of merit with the aim of increasing shareholder value. The Company will continue its evaluation and exploration plans on its existing properties.
The board of directors of the Company consists of Arndt Roehlig, Michael Sikich, Jon Lever and Fiore Aliperti. The corporate secretary of the Company is Sameen Sheikh. The audit committee consists of Arndt Roehlig, Fiore Aliperti and Michael Sikich. Management is continuing to work diligently with the regulators with the aim to have the Company’s shares reinstated for trading on the TSX-V Exchange as quickly as possible. The Company does not currently have shareholders with security positions greater than 10%.
On behalf of the Board of Directors:
/s/ “Arndt Roehlig”
Chief Executive Officer, President and Director
For further information please contact:
Telephone: (604) 569-1236