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TORONTO, ONTARIO--(Marketwire - Oct. 19, 2010) - Peat Resources Limited (TSX VENTURE:PET) announces that it has closed a brokered, best efforts private placement for proceeds of $300,000. The placement consists of 3,000,000 units @ $0.10 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for two years from the closing date at an exercise price of $0.15 per common share. The Agent, IBK Capital Corp., was paid a cash commission of 10% of the amount raised from Canadian sources (10% of $265,000, or $26,500 plus taxes and disbursements) and 10% of that Canadian amount in the form of broker's warrants exercisable for two years at $0.11. |
