PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) (the "Company") announces that, through
IBK Capital Corp. as agent, and subject to regulatory and shareholder approval,
it has completed two private placements with separate investors for a total of 4
million units at $0.25 per unit ($1 million Canadian funds). Each unit comprises
one common share and one common share purchase warrant; each whole common share
purchase warrant is exercisable for two years from the closing date at an
exercise price of $0.30 per common share. The hold period for the above
securities expires four months from the closing date.


IBK Capital Corp. is being paid a cash fee of 10% of the proceeds raised, and
broker warrants equal to 10% of the units sold. Each broker warrant entitles the
holder to acquire one common share at $0.25 for a two-year period.


The proceeds of the offering will be used for the continued operation and
performance evaluation of the Company's small-scale peat fuel production
facility in Stephenville (Newfoundland), acquisition of additional peat
properties in central and western Canada, and for working capital. With this
confidence shown by investors, the Company is well positioned in its development
of a North American peat fuel industry.

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