|By Marketwired .||
|July 31, 2014 05:07 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/31/14 -- 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 $150,000 in two tranches as follows: First tranche of $60,000 on regulatory approval (the "First Closing"); second tranche of $90,000 on September 3, 2014 (the "Second Closing"). 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 First Closing for the first tranche of $60,000 and on the one year anniversary of the Second Closing for the second tranche of $90,000, all 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. Each broker warrant allows the holder to acquire one common share of the company at a price of $0.05 up to 24 months following the Second Closing.
The funds will be used for working capital.
Further to the company's news release of June 18, 2014, the applications with the Newfoundland Department of Natural Resources to re-acquire the company's peatland exploration permits have been approved.
Peat Resources Limited was formed to explore, develop and produce peat fuel - a sustainable bioenergy resource. The company is active in Ontario and Newfoundland. The company has developed an environmentally acceptable harvesting and processing system to supply consistent quality peat fuel in long-term (+ 20 year) 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 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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