Peat Resources Limited News Release
July 09 2008 - 3:22PM
Marketwired
TORONTO, ONTARIO (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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this news release.
Contacts: Peat Resources Limited Peter Telford President and CEO
(416) 862-7885 (416) 862-7889 (FAX) Email:
peatfuel@peatresources.com Website: www.peatresources.com
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