PEAT RESOURCES LIMITED
P.O. Box 206
Scotia Plaza
40 King Street West, Suite 3901
Toronto, Ontario
M5H3Y2

NEWS RELEASE

 

 

Trading Symbol: PET.H TSX Venture Exchange January 13, 2005

Further to its news releases of October 14 and 21, Peat Resources Limited (the "Company") announces that it has closed the sale of 17,804,687 units @ $0.20 for gross proceeds of $3,560,937.

As noted in the prior releases, IBK Capital Corp will be paid a commission of 10% of the funds raised under the offering, plus the number of two-year brokers warrants equal to 10% of the units sold under the offering to purchase one common share @ $0.20.

The Company also announces that its common shares will be posted and listed for trading on Monday, January 17, 2005, on Tier 2 of the TSX Venture Exchange.

The new funds will be spent on preliminary environmental planning, resource/reserve definition, and preparing bulk samples in connection with the Company's peat fuel project, and for working capital.

For more information contact:

Leon F. La Prairie, President and CEO

Telephone:

(416)

862-7885

Fax:

(416)

862-7889

e-mail:

peatfuel@peatresources.com

web site:

www.peatresources.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this new release