pcNewsWire – Pedro Resources Ltd. (TSX-V: PED.H) intends to close a non-brokered private placement of up to 1,250,000 units at a price of $0.08 per unit for gross proceeds of up to $100,000.
The company will utilize the proceeds of the private placement for general working capital purposes and for the ongoing evaluation of potential strategic transactions
The company will not be proceeding with the offering of 6,000,000 units previously announced on August 5, 2016.
News Release
PEDRO RESOURCES TO CONDUCT PRIVATE PLACEMENT
June 7, 2017 – Vancouver, British Columbia – Pedro Resources Ltd. (the “Company”) (TSXV: PED.H) is pleased to announce that it intends to conduct a non-brokered private placement of up to 1,250,000 units (each, a “Unit”), at a price of $0.08 per Unit, for gross proceeds of up to $100,000. Each Unit will consist of one common share of the Company, and one-half-of-one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant will be exercisable to acquire one additional common share of the Company at a price of $0.15 per share for a period of twelve months from the date of issue.
The Company will utilize the proceeds of the private placement for general working capital purposes and for the ongoing evaluation of potential strategic transactions. In connection with the private placement, the Company may pay finder’s fees to eligible persons introducing subscribers to the Company. All securities issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period. Closing of the private placement remains subject to approval of the TSX Venture Exchange. The private placement cannot close until such approval is obtain.
The Company also clarifies that it will not be proceeding with the offering of 6,000,000 units previously announced on August 5, 2016.
For further information, contact John McCleery at 604.880.5624.
On behalf of the Board,
Pedro Resources Ltd.
John McCleery, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements.
