Pedro Announces Delisting from the TSX Venture Exchange and Conditional Approval from the Canadian Securities Exchange
Toronto, Ontario--(Newsfile Corp. - June 29, 2021) - Pedro Resources Ltd. (TSXV: PED.H) ("Pedro" or the "Company") announces that it has is applied to the NEX board of the TSX Venture Exchange ("TSXV") to voluntarily delist the common shares of the Company. It is anticipated that the common shares of the Company will be delisted from the TSXV at the close of business on June 30, 2021. Disinterested shareholders of the Company approved the delisting of the common shares at the annual and special meeting of shareholders held on March 26, 2021.
The Company has received conditional approval from the Canadian Securities Exchange to list its common shares.
In addition, the Company is pleased to announce a non-brokered private placement of up to 4,000,000 units (each, a "Unit") at a price of $0.15 per Unit for aggregate gross proceeds of up to $600,000 (the "Offering"). Each Unit shall be comprised of one common share (each, a "Common Share") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one Common Share at a price of $0.30 per Common Share for a period of two (2) years from the closing of the Offering.
All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The proceeds of the Offering will be used in connection with the proposed arm's length transaction with Voisey's Bay West Nickel & Cobalt Corp. ("Voisey's Bay") and the shareholders of Voisey's Bay, pursuant to which the Company has agreed to acquire all of the issued and outstanding shares of Voisey's Bay. For more information, please refer to the Company's press release dated November 27, 2020.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Pedro Resources Ltd.
Pedro Resources Ltd. is a Canadian exploration company focused on mineral exploration and development. Further details
For further information, contact:
Chief Executive Officer and Director
Tel: (780) 953-0111
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 includes certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company's most recent Annual Information Form, in the Management's Discussion and Analysis and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, tax related matters, the ability of the Company to execute its strategies from time to time, the ability to make distributions to shareholders, and the receipt of any regulatory approvals or consents required from time to time.
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