Peat Resources Limited Announces Close of Private Placement
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/08/13 -- Peat Resources Limited (TSX VENTURE: PET) (the "Company" or "Peat") is pleased to announce that it closed its previously announced brokered private placement filed under the Temporary Relief From Certain Pricing Requirements. The Company issued 3,750,000 units at a price of $0.04 per unit, for aggregate gross proceeds of $150,000. Each unit consists of one common share in the capital of the Company (a "Common Share") plus one warrant. Each warrant will entitle the holder thereof to purchase one Common Share for a period of one year from the date of issuance of the warrants at an exercise price of $0.05 per Common Share and for three additional years for a price of $0.10. The securities issued pursuant to the private placement are subject to a four-month hold period. The private placement remains subject to final acceptance by the TSX Venture Exchange (the "TSXV"). The Company engaged IBK Capital Corp. to assist in the private placement. As a result, a commission of 10% cash and 10% brokers warrants (carrying the same terms as the unit warrants) was given on Canadian subscriptions that totalled $110,000.
The private placement was approved by the Board of Directors, excluding those that have a direct interest in the use of proceeds (see the table below).
The funds from the private placement will be used for the following purposes:
The funds provide more stability for the Company in coming months to pursue several local and international opportunities. These include potential use of peat fuel in large utility and industrial applications, supply of peat fuel pellets to local markets in Newfoundland, and proposed demonstration of peat-fuelled heat and power systems in remote communities of northern Ontario.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Peat Resources Limited
Peter Telford
President and CEO
(416) 862-7885
(416) 862-7889 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 08.07.2013 - 18:31 Uhr
Sprache: Deutsch
News-ID 276341
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Alternative Energy
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