Peat Resources Limited Announces Debenture/Loan Agreement
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/02/15 -- Peat Resources Limited (TSX VENTURE: PET) -
The company is pleased to report that it has negotiated, subject to regulatory approval, an unsecured debenture loan to the company of $110,000. Pursuant to the Debenture, the Corporation promises to pay the Subscriber interest at the rate of 12% per annum payable annually in arrears commencing on the one year anniversary of the closing. The loan is payable earlier at the option of the company without notice or bonus. 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 to IBK Capital Corp. Each broker warrant allows the holder to acquire one common share of the company at a price of $0.05 up to 60 months following the closing.
The funds will be used for working capital purposes including funding of costs related to marketing to a potential customer who has expressed interest in purchasing our peat product. Should this customer proceed with an order, Peat Resources plans to undertake an equity issue for $1 million to fund operating and production costs associated with the order.
Peat Resources Limited was formed to explore, develop and produce peat fuel - a sustainable bioenergy resource. The company has developed harvesting and processing systems to supply consistent quality peat fuel in long-term 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.
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 .
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.
Contacts:
Patricia Mannard
Telephone: (416) 862-7885
E-mail:
Web site:
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Datum: 02.07.2015 - 14:25 Uhr
Sprache: Deutsch
News-ID 1370045
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Alternative Energy
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