Toronto, Ontario–(Newsfile Corp. – May 31, 2024) – Pedro Resources Ltd. (CSE: VBN) (“Pedro” or “companya whopping 100% organic growth company, is pleased to announce that current CEO and Director Jacqueline Wilkie has been appointed Interim Chief Financial Officer (CFO) with immediate effect, replacing Albina Manaj. The company is currently conducting an exhaustive search for a new Chief Financial Officer with the expertise and leadership qualities to drive the company forward.
Unauthorized issuance of common stock
The Company recently acquired 2,782,000 common shares (“Common stockBetween January and April 2024, ordinary shares representing the capital stock of the Company were issued on an irregular basis. Such ordinary shares were issued to related parties of the Company.
The signature of our Chief Executive Officer was used without authorization to submit Treasury instructions and common shares were issued without the approval of our Board of Directors and without notice to our management. 660,000 common shares were cancelled on April 2, 2024 (without notice to our management or directors) and a total of 1,802,000 common shares were cancelled by us on May 30, 2024 and returned to Treasury.
The remaining 320,000 common shares have been deposited in a CDS and the Company is in the process of cancelling these common shares and returning them to its own account.
Filing of quarterly financial statements and management's discussion and analysis
The Company further announces that due to a recent and unexpected change in its Chief Financial Officer, it was unable to file its quarterly financial statements and management's discussion and analysis for the first quarter of 2024 by May 30, 2024. The Company is actively working to complete its quarterly filing and intends to file on SEDAR+ as soon as possible.
The Company remains committed to its strategic goals and objectives, and despite this temporary setback, the Company remains focused on delivering value to its shareholders.
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 pursuing a proposal to change its business operations to develop biotechnology for the remediation and reclamation of contaminated soils.
For further information, please contact:
On behalf of the Board
Jacqueline Wilkie
Chief Executive Officer and Director
Phone: 604-506-6670
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 specifically, and without limitation, this news release contains forward-looking statements and information related to the Company's solicitation of a new Chief Financial Officer, the cancellation of outstanding shares issued on a non-recurring basis, and the filing of the Company's quarterly financial information.
Forward-looking statements and information are based on certain significant expectations and assumptions made by our management. Although our management 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 them as there can be no assurance that the forward-looking statements and information will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information regarding the current expectations and plans of our management regarding the future. Readers are cautioned that it may not be appropriate to rely on these statements and information for other purposes, such as investment decisions. Because forward-looking statements and information relate to future events and circumstances, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently expected due to various factors and risks. Readers should therefore 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 the company does not undertake to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. Any forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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