TORONTO, Jan. 19, 2018 /CNW/ - Peat Resources Limited
(TSXV: PET) (the "Company") announces that the Company has signed a
definitive agreement with Belair Maniema Corp for the acquisition
of all the issued shares of Belair African Metals SARL ("Belair")
pursuant to a letter of intent announced on December 20, 2017.
The Company will acquire 100% of the issued shares of Belair in
consideration of 15,000,000 fully-paid and non-assessable common
shares of the Company which will represent 9.42% of the 159,404,396
common shares of the Company expected to be outstanding upon the
completion of the transaction. The transaction remains subject to
receipt of all necessary regulatory approvals.
Belair is a private company in
the Democratic Republic of the
Congo (the "DRC"), licensed since 2015 for the commodity
trading of certified conflict-free tin, tantalum, and tungsten
("3Ts"). The Belair management
team has over 10 years of experience in mining and metals trading
in the DRC.
The Company plans to expand the DRC conflict-free mining and
metals trading business to include cobalt and copper in addition to
the 3Ts (the "Conflict-Free Cobalt Project"), increasing early
revenue from its metals trading platform, which currently purchases
conflict-free concentrates directly from artisanal and small-scale
producers for sale to international metal trading and smelting
companies.
The Company is actively working on acquiring high-grade cobalt
and copper properties in the DRC to expand its property portfolio.
The Company is also actively working to enhance its current
third-party traceability programs via a blockchain-based protocol,
to improve transparency, security, and immutability in certifying
that its metals are sourced and traded conflict-free.
A presentation discussing all aspects of the Conflict-Free
Cobalt Project has been available for download since the
December 20 announcement via the
Company website – www.peatresources.net – and further
details will be announced as they become available.
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