Peat Resources Limited Announces Debt Settlement Agreements
March 21 2014 - 4:50PM
Marketwired
Peat Resources Limited Announces Debt Settlement Agreements
TORONTO, ONTARIO--(Marketwired - Mar 21, 2014) - The company
(TSX-VENTURE:PET) is pleased to report that it has negotiated,
subject to regulatory approval, settlement of $614,301 of debt to
insiders of the company, in exchange for a total of $70,220 cash
payable within sixty days plus 2,000,000 shares. The settlement
agreements were approved by the Board of Directors, excluding those
that have a direct interest in their particular settlement.
The registered office has been changed to 15 Toronto Street,
Suite 200, Toronto, Ontario, M5C 2E3 which are the offices of John
Allen, one of the directors and counsel to the company.
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.
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.
Peat Resources LimitedPatricia Mannard(416) 862-7885(416)
862-7889pmannard@peatresources.comwww.peatresources.com
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