Peat Resources Limited Announces Closing of Additional Private Placement
Toronto, Ontario--(Newsfile Corp. - February 5, 2018) - Peat Resources Limited (TSXV: PET) (the "Company") is pleased to announce that it has closed its additional private placement of 5,000,000 common shares of the Company at a price of $0.0525 per share for aggregate proceeds of up to $262,500 (the "Offering"), as previously announced on January 9, 2018. The Company will use the net proceeds from the Offering for general working capital purposes.
In connection with the completion of the Offering, the Company issued an aggregate of 500,000 broker warrants as a finder's fee, representing 10% of the number of common shares issued pursuant to the Offering. Each broker warrant is exercisable into one common share at a price of $0.0525 per common share for a period of five years from the date of issuance.
The securities to be issued in connection with the Offering are subject to a statutory four-month hold period from the date of issuance. The closing of the Offering remains subject to completion of formal documentation and receipt of final approval of the TSX Venture Exchange.
For additional information, please contact:
IBK Capital Corp.
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) accepts responsibility for the adequacy or accuracy of this release.