/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 10/21/15 -- Peat Resources Limited (the "Company") (TSX VENTURE: PET) is pleased to announce the appointment of two independent directors:

Scott Allen, MSc, PhD, is a theoretical physicist with over sixteen years of experience in quantitative financial risk modeling and management in start-up ventures and with Credit Suisse in London. He was recently appointed Director, Head of Model Validation (APAC) at Standard and Poor's based in Hong Kong.

Michael Cachia, CA, CPA, is a licensed public accountant and a partner in a Toronto based firm of Public Accountants. He has extensive experience in providing both consulting and audit based services to public companies.

The Company would like to thank John Loewen and Peter Smith for their service and advocacy. Loewen and Smith are stepping down from the Board.

In addition, the Company has received conditional TSX Venture Exchange approval for the best efforts private placement of 17,500,000 common shares at $0.01 per share for minimum proceeds of $175,000. The terms of the private placement are according to the TSX Venture Exchange Discretionary Waivers of $0.05 Minimum Pricing Requirement Bulletin dated April 7, 2014 as described in the Company's news release of October 9, 2015.

Peat Resources Limited is a Toronto-based alternative energy company that was formed to develop and produce a sustainable peat fuel.

Forward-Looking Information:

This 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 the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Contacts:
Peat Resources Limited
Patricia Mannard
(416) 862-7885
(416) 862-7889 (FAX)
pmannard@peatresources.com
www.peatresources.com

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