Peat Resources Limited Announces New Financing
FOR: PEAT RESOURCES LIMITED
JUN 7, 2012 - 15:04 ET
TORONTO, ONTARIO--(Marketwire - June 7, 2012) - Peat Resources Limited (TSX VENTURE:PET) announces that it has closed a brokered, best efforts private placement for proceeds of $130,000. The placement consists of 2,600,000 units @ $0.05 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 $0.10 per common share. The Agent, IBK Capital Corp., was paid a cash commission of 10% of the amount raised from Canadian sources (10% of $62,000, or $6,200 plus taxes and disbursements) and 10% of that Canadian amount in the form of broker's warrants exercisable for four years at $0.06.
Peat Resources Limited was formed to explore, develop and produce peat fuel - a sustainable bioenergy resource. During recent months, the Company has been investigating development of value-added biocarbon derivatives from peat pellets such as activated carbon for which there is growing demand for many industrial and domestic applications including water purification systems. Proceeds of the financing will be used for working capital to advance these development initiatives.