Peat Resources Announces Close of First Tranche
May 30 2011 - 10:53AM
Marketwired
Peat Resources Limited (TSX VENTURE: PET) announces that it has
closed the first tranche of thebrokered, best efforts, private
placement announced on May 18, 2011, for proceeds in the first
tranche of $60,000. The first tranche consists of 300,000 units @
$0.20 per unit. Each unit consists of one common share and one
common share purchase warrant. Each warrant is exercisable for two
years from the closing date at an exercise price of $0.20 per
common share. The Agent, IBK Capital Corp., was paid a cash
commission of 10% of the amount raised plus disbursements plus 10%
of the gross proceeds in the form of broker's warrants exercisable
for two years at $0.20.
The proceeds of the placement will be used for working capital
and for pre-feasibility engineering work on the Company's peat fuel
pellet production system and resource evaluation of additional
Newfoundland and Ontario properties.
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) peatfuel@peatresources.com
www.peatresources.com
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