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Peat Resources Limited Announces Closing of Debt Settlement
Peat Resources Limited Announces Closing of Debt Settlement Canada NewsWire TORO...
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[{"type":"text","content":"\n\n\n\nPeat Resources Limited Announces Closing of Debt Settlement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 2, 2018\n\n\n\nTORONTO, 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.\n\nWilliam 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.\n\nThe 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.\n\nIn 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.\n\nForward-Looking Information \n\nThis 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 t...