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Message: Increase in Size of Private Placement

 

Peat Resources Limited Announces Increase in Size of Private Placement

Toronto, Ontario--(Newsfile Corp. - January 3, 2018) - Peat Resources Limited (TSXV: PET) (the "Company"), announces that the Company is increasing the size of its previously announced brokered private placement (the "Offering") of common shares of the Company led by IBK Capital Corp. The Offering will now consist of the sale of up to 15,000,000 common shares at a price of $0.05 per share for aggregate proceeds of the up to $750,000.

In connection with the Offering, the Company has agreed to pay IBK Capital Corp. a cash commission equal to 9% of the amount raised and broker warrants equal to 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 $0.05 per common share for a period of five years from the date of issuance.

The securities to be issued in connection with the Offering will be 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 regulatory approvals, including the approval of the TSX Venture Exchange. 

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