Colt Resources Inc. on Dec. 21 said John Gravelle was appointed as its interim president and CEO, as the company reviews its strategic options.

Gravelle, an independent director on Colt's board, will replace Nikolas Perrault, the outgoing president and CEO and a co-founder of the company.

Colt will work closely with Perrault in some form of executive or consulting capacity during the transition period, with terms and conditions of the new role under negotiation.