Peat Resources Limited Announces Debt Settlement Agreements
April 17 2014 - 6:08PM
Marketwired
Peat Resources Limited Announces Debt Settlement Agreements
TORONTO, ONTARIO--(Marketwired - Apr 17, 2014) - The company
(TSX-VENTURE:PET) is pleased to report that it has negotiated,
subject to regulatory approval, a loan to the company of $250,000
on the following terms: payable in one year, with 12.0% annual
interest, payable earlier at the option of the company without
notice or bonus, secured against all the assets of the company. An
agent's fee of 9% of the funds raised and broker warrants totaling
10% of the funds raised divided by $0.05 per share is to be paid.
Each broker warrant allows the holder to acquire one common share
of PET at a price of $0.05 up to 24 months following the Closing
Date.
The funds will be used to settle the cash payments to insiders
of the company disclosed in the company's news release of March 24,
2014, in which insiders exchanged $614,301 of debt for a total cash
payment of $70,220 plus 2,000,000 shares. The balance of the funds
will be used for working capital.
Peat Resources Limited was formed to explore, develop and
produce peat fuel - a sustainable bioenergy resource. The company
is active in Ontario and Newfoundland. The company has developed an
environmentally acceptable harvesting and processing system to
supply consistent quality peat fuel in long-term (+ 20 year)
contracts to utilities and other industrial operations for heat and
power generation. The Company is also investigating development of
value-added biocarbon derivatives from peat pellets such as
activated carbon for which there is growing demand in many
industrial and domestic applications.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Peat Resources LimitedPatricia Mannard(416) 862-7885(416)
862-7889pmannard@peatresources.comwww.peatresources.com
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