Peat Resources-Additional $1 Million Raised
July 14 2008 - 2:31PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: PET) announces that, through IBK
Capital Corp as agent, it has closed the two private placements 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 November 12, 2008.
IBK Capital Corp has been 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 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 new release.
Contacts: Peat Resources Limited Peter Telford CEO (416)
862-7885 (416) 862-7889 (FAX) Email: peatfuel@peatresources.com
Website: www.peatresources.com
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