Pedro Closes Second Tranche of Private Placement and Provides Corporate Update

Source: www.gulfoilandgas.com 6/14/2024, Location: North America

Pedro Resources Ltd. ("Pedro" or the "Company") is pleased to confirm, further to its press releases dated May 22, 2024 and March 28, 2024, that it has closed a second tranche of its non-brokered private placement of common shares (the "Offering") through the issuance of 940,000 common shares in the capital of the Company (the "Common Shares") at a price of $0.05 per Common Share for gross proceeds of $47,000.

Proceeds from the second tranche of the Offering will be used by the Company for working capital and for other general and administrative purposes in connection with the Company's proposed Change of Business (as defined below). All securities issued pursuant to the Offering will be subject to a four-month hold period from the date of issue. There were no finder fees or commissions paid in connection with the second tranche of the Offering.

Corporate Update - Proposed Change of Business
Further to its press releases dated November 3, 2023, January 10, 2024, and February 16, 2024, the Company is pleased to provide an update with respect to its proposed change of business (the "Change of Business").

The Company continues to work towards completing the filings in connection with its Change of Business, consisting of the redeployment of its assets and resources from the mining business towards the development of biotechnologies for the remediation and reclamation of contaminated soils.

With the appointment of a new Chief Executive Officer, the Company is in the process of reconstituting its management team as it continues to search for a new Chief Financial Officer to guide the Company in its proposed new business. The consolidation of the Company's board and management team is a key step in the Company's proposed Change of Business and the Company expects that progress will be accelerated as the onboarding of new members of management is completed.

Having closed the second tranche of the Offering, the Company has also made progress in complying with its obligations under the collaboration agreements (the "Collaboration Agreements") entered into with Fixed Earth Innovations Ltd., Dirty Dirt Services Ltd., FCS Solutions Ltd. and Oil-Out Ltd. As of this date, the Company is pleased to report that it has made payments under the Collaboration Agreements in the aggregate amount of $162,000 to its partners with an outstanding balance to be paid of $114,000.

The Company's partners have reaffirmed their support to the Company as it undergoes the Change of Business and continue to collaborate with the Company in its submissions to the Canadian Securities Exchange to satisfy all regulatory requirements.

The Change of Business is subject to the receipt of all necessary approvals, including without limitation regulatory approval from the Canadian Securities Exchange. There can be no assurance that the Change of Business will be completed as proposed or at all.


Angola >>  7/12/2024 - Afentra plc ('Afentra' or the 'Company'), the upstream oil and gas Company listed on the AIM market of the London Stock Exchange, announces that it ha...
Australia >>  7/12/2024 - Calima Energy Limited announces that it intends to undertake a minimum holding buy-back for holders of unmarketable parcels of shares in the Company...

Colombia >>  7/12/2024 - BBVA and the International Finance Corporation (IFC), a member of the World Bank Group, issued a US$15 million first tranche of the world's first biod...
Greece >>  7/12/2024 - Icon Energy Corp. (“Icon Energy” or the “Company”), an international shipping company that provides worldwide seaborne transportation services for dry...

Italy >>  7/12/2024 - This year we will take the Capital Markets Day to southern Europe and visit our heat exchanger manufacturing site in San Bonifacio in Italy.

...

Japan >>  7/12/2024 - · Selections reflect high evaluation of Company's ESG response
· Indices also adopted as benchmarks for GPIF's ESG passive funds

Mitsu...





Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.