Colt Resources Inc. said Jan. 31 that its €500,000 investment in a Turkish company was removed from the Turkish company's bank account without Colt's authorization.

Former president and CEO Nikolas Perrault made the decision to invest in the undisclosed company in 2016, with half of the amount sourced from Colt's cash resources and the other half borrowed from a Colt shareholder. However, for all these actions, Perrault did not seek board approval.

Colt is determining the impact of the removed funds on its financial statements for the third quarter of 2016 and the company will take appropriate steps to recover money owed to the company.

Meanwhile, the company also said it will revise its strategy going forward under the leadership of interim president and CEO John Gravelle.

A refreshed strategy will include the focus on fewer projects, generation of cash internally for the project funding and significantly reduced administrative costs.

The company's primary targets include the Alvalade copper project in Portugal and its investment in Colt Resources Middle East. It is still studying its investment in the Boa Fe gold project and its action on the expiry of the project permit of the feasibility-stage Tabuaco tungsten mine.