Peat Resources Limited
TSX VENTURE : PET

Peat Resources Limited

November 19, 2015 16:21 ET

Peat Resources Limited Closes Best Efforts Private Placement of Common Shares

TORONTO, ONTARIO--(Marketwired - Nov. 19, 2015) - Peat Resources Limited (TSX VENTURE:PET) announces that it has closed a best efforts private placement of 30,000,000 common shares at $0.01 per share for gross proceeds of $300,000. There was a cash commission of 9% on $265,000 and 10% of 26,500,000 of the issued shares in broker warrants. Each broker warrant entitles the holder to purchase one common share and is exercisable for five years at $0.05 per share.

The terms of the private placement announced on October 13, 2015, are according to the TSX Venture Exchange ("Exchange") Discretionary Waivers of $0.05 Minimum Pricing Requirement Bulletin dated April 7, 2014 and are subject to Exchange approval.

The funds from the private placement will be used for the following working capital requirements:

CORPORATE ADMINISTRATIVE EXPENSES
Professional Fees (Audit, Legal, Accounting) (1) 94,250
Executive compensation (2) 51,500
Shareholder expense (AGM/Stock Transfer/Filing fees) 38,250
Insurance and premises 32,500
Share issue costs (Agent, TSX-V/OSC Fees) 32,125
PROJECT EXPENDITURES
Consultants (3) 41,125
Property maintenance 10,250
Gross Proceeds $ 300,000
(1) $65,000 proposed payable to related parties
(2) $51,500 proposed payable to related parties
(3) $18,500 proposed payable to related parties

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) accept responsibility for the adequacy or accuracy of this release.

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