Pedro Resources Ltd. Appoints Interim Chief Financial Officer
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Toronto, Ontario--(Newsfile Corp. - May 31, 2024) - Pedro Resources Ltd. (CSE: VBN) ("Pedro" or the "Company") announces that Jacqueline Wilkie, the current Chief Executive Officer and a director of the Company has been appointed as Interim Chief Financial Officer effective immediately replacing Ms. Albina Manaj. The Company is currently conducting a thorough search for a new Chief Financial Officer with the expertise and leadership qualities to guide the Company forward.
Unauthorized issuance of common shares
The Company recently learned that an aggregate of 2,782,000 common shares (the "Common Shares") in the capital of the Company were irregularly issued between the months of January and April 2024. The Common Shares were issued to related parties of the Company.
The signature of the chief executive officer was used without authorization to submit the treasury directions and the Common Shares were issued without the approval of the board of directors of the Company and without alerting members of management of the Company. 660,000 Common Shares were cancelled on April 2, 2024 (without providing notice to any members of management or the directors of the Company) and an aggregate of 1,802,000 Common Shares were cancelled and returned to treasury by the Company on May 30, 2024.
The remaining 320,000 Common Shares were deposited in CDS and the Company is taking steps to have these Common Shares cancelled and returned to treasury.
Filing of quarterly financial statements and management's discussion and analysis
The Company further announces that it has been unable to file its quarterly financial statements and management's discussion and analysis for the first quarter of 2024 by May 30, 2024, due to the recent and unexpected change of its Chief Financial Officer. The Company is actively working to complete its quarterly filings and expects to file on SEDAR+ as soon as possible.
The Company remains committed to its strategic goals and objectives. Despite this temporary setback, the Company continues to be 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 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
Jacqueline Wilkie
Chief Executive Officer and Director
Tel: 604-506-6670