Peat Resources Limited

Peat Resources Limited

March 06, 2007 09:25 ET

Peat Resources Limited Announces $250,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 6, 2007) - Peat Resources Limited (the "Company") (TSX VENTURE:PET) announces that, through IBK Capital Corp as agent, it has agreed on the principal terms of a C$250,000 private placement of one million common shares @ $0.25. The transaction is subject to certain customary conditions, including regulatory approval.

IBK Capital Corp will be paid a commission of $25,000, plus 100,000 two-year brokers warrants to purchase one common share at the $0.25 price.

The proceeds of the offering will be used for the design and operation of a pilot plant leading to an engineering feasibility report and production of peat fuel for marketing purposes; to complete resource evaluation of additional peat properties in Canada; and for working capital.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this new release.

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