On December 19, 2023, Pedro Resources Ltd. closed the transaction. The company issued 7.2% convertible debentures for the gross proceeds of CAD 725,000. The Debentures bear interest at a rate of 7.2% per annum.

The Debentures will mature on the date that is 36 months from the closing of the Offering and maturity date is December 19, 2026. The Debentures are convertible into common shares in the capital of the Company at a price of CAD 0.05 per common share, in whole or in part, at the option of the holder at any time prior to the Maturity Date. All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

There were no finder fees or commissions paid in connection with the Offering