PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) (the "Company") announces that it has
negotiated, subject to regulatory acceptance, the proposed settlement of
$58,842.00 of its debt by issuing 558,420 common shares of the Company at $0.10
per share.


In May 2011, Peat Resources Limited engaged IBK Capital Corp. to complete a best
efforts private placement of up to $1,000,000 under certain proscribed terms
(see News Release of May 18, 2011). The company received proceeds of $60,000
under these terms with the exception of the broker's commission that was waived.
This engagement remains in place with different terms reflecting current
economic conditions. The offer consists of 10,000,000 common shares at $0.10.
Subject to TSXV approval, IBK will be paid a cash commission of 10% of the
amount raised and 10% of the amount raised in the form of non-transferable
broker warrants. The proceeds will be used for working capital and
pre-feasibility engineering work on the Company's peat fuel pellet production
system in Stephenville, Newfoundland plus the acquisition and evaluation of
additional peat resources in Newfoundland and Ontario.

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