TORONTO, March 2, 2018 /CNW/ - Peat Resources Limited (the
"Company") (TSXV: PET) is pleased to announce that it has
closed its previously announced debt settlement with various
creditors, pursuant to which the Company has settled an aggregate
of $1,005,358 of indebtedness through
the issuance of an aggregate of 20,107,160 common shares at a price
of $0.05 per share. All common
shares issued in connection with the debt settlement are subject to
a four-month statutory hold period.
William White will acquire
18,107,160 common shares of the Company in connection with the debt
settlement. Following completion of the debt settlement, Mr.
White will own or control an aggregate of 25,088,550 common shares,
representing approximately 17.31% of the issued and outstanding
common shares of the Company.
The common shares have been acquired for investment purposes and
they may, depending on market and other conditions, increase or
decrease the beneficial ownership, control or direction over the
common shares, or other securities of the Company, through market
transactions, private agreements, treasury issuances, exercise of
convertible securities or otherwise.
In addition, the Company will issue 87,500 shares upon the
exercise of broker warrants issued on November 17, 2015 exercisable at $0.05 share, which warrant was exercised on
March 1, 2018. As a result of
the shares for debt transaction and the warrant exercise, the total
issued and outstanding shares of the Company is 144,906,141.
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) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Peat Resources Limited