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Peat Resources Limited Signs Definitive Agreement to Acquire Belair African Metals SARL
Peat Resources Limited Signs Definitive Agreement to Acquire Belair African Metals SARL ...
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[{"type":"text","content":"\n\n\n\nPeat Resources Limited Signs Definitive Agreement to Acquire Belair African Metals SARL\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, Jan. 19, 2018\n\n\n\nTORONTO, 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.\n\nThe 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. \n\nBelair 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.\n\nThe 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. \n\nThe 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.\n\nA presentation discussing all aspects of the Conflict-Free Cobalt Project has been available for download since the December 2...