Toronto, Ontario--(Newsfile Corp. - May 22, 2024) - Pedro Resources Ltd. (CSE: VBN) ("Pedro" or the "Company") is pleased to confirm, further to its press release dated March 28, 2024, that it has closed a first tranche of its non-brokered private placement of common shares (the "Offering") through the issuance of 5,780,000 common shares in the capital of the Company (the "Common Shares") at a price of $0.05 per Common Share. In connection with the Offering 250,000 Common Shares were issued as of December 15, 2023, and 5,530,000 Common Shares are being issued as of May 22, 2024.

Proceeds from 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. 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 Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy 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 as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The Company may close additional tranches of the Private Placement subject to all required regulatory approvals.

Appointment of new Chief Executive Officer and Director

The Company is pleased to announce the appointment of Jacqueline Wilkie as the new Chief Executive Officer, Interim Corporate Secretary and director effective immediately, replacing Mr. Ronald Mercier, who was appointed as Interim Chief Executive Officer in February 2024 and Mr. Will McInnes, who resigned to his position as a director of the Company.

Jacqueline brings a wealth of experience and a proven track record in product development, manufacturing, packaging and retail. With a distinguished career spanning over 35 years, Jacqueline has held leadership positions and gained expertise in established and startup companies which will be invaluable in guiding the Company through its next phase of change, growth and development. Jacqueline has demonstrated exceptional vision and has strategic business acumen and a passion for driving business.

Jacqueline was the founder and manager of BLK beverages, taking the company from a small regional brand to a multinational through organic growth, strong digital marketing and collaboration with partners. She has also owned and operated a healthy food manufacturing plant driving innovation and distributing to retailers. Jacqueline was the president and Chief Executive Officer of a communications company which later sold to Tigertail and AT&T. She holds a business degree from Dundee College in Scotland and has a strong accounting background.

Mr. Mercier will continue as a director of the Company. Mr. McInnes will focus on his role as a technical advisor to the board of directors of the Company and will continue working closely with the Company on its proposed change of business.

About Pedro Resources Ltd.

Pedro Resources Ltd. is a Canadian exploration company listed on the Canadian Securities Exchange focused on mineral exploration and development. The Company is currently advancing a proposed change of business toward the development of biotechnologies for the remediation and reclamation of contaminated soils.

For further information, contact:

On behalf of the Board

Ronald Mercier
Interim Chief Executive Officer and Director
Tel: 780-903-6353

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the Offering and closing of the Offering.

The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release.

The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.