TORONTO, Feb. 13, 2018 /CNW/ - Peat Resources Limited
(the "Company") (TSXV: PET) is pleased to announce that it
has closed its additional private placement of 5,614,245 common
shares of the Company at a price of $0.20 per share for aggregate proceeds of
$1,112,849 (the "Offering"),
initially announced on January 12,
2018. The Company will use the net proceeds from the
Offering to fund the acquisition of mineral property interests in
the Democratic Republic of the
Congo, transaction costs and general working capital
purposes.
In connection with the completion of the Offering, the Company
issued an aggregate of 75,000 broker warrants, representing 10% of
the number of common shares issued pursuant to the brokered portion
of the Offering. Each broker warrant is exercisable into one common
share at a price of $0.20 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.
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) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Peat Resources Limited