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PEAT
RESOURCES L1MITED |
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P.O. Box 206, Scotia Plaza, 40 King Street West, Suite 3901 |
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Toronto, Ontario M5H3Y2 |
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NEWS RELEASE |
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Trading Symbol: PET -
TSX Venture Exchange
May
27, 2005
As a follow up to its news release of
April 14, 2005, Peat Resources Limited (the “Company”) announces
that it is continuing its offering referred to in the April 14, 2005
announcement on the same terms and conditions for an additional 30 days. The April 14, 2005 news release
announced that the Company entered into a best efforts offering
agreement with IBK Capital Corp as agent (IBK Capital Corp will be paid
a commission plus brokers warrants).
The offering consists of up to $10 million comprising 20 million
Units @ $0.50 per unit. Each
unit consists of one common share and one-half of one common share
purchase warrant. Each
whole warrant is exercisable for two years from the closing date at an
exercise price of $0.75 per common share. The proceeds of the offering will be
used for a final feasibility study for the Company’s peat fuel
project, to acquire additional peat properties in Canada, and for
working capital. For more information contact: Leon F. La Prairie, President and CEO |
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Telephone: (416) 862-7885 Fax: (416) 862-7889 |
| e-mail: peatfuel@peatresources.com |
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| The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this new release |