VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/06/12 -- Pedro Resources Ltd. (TSX VENTURE: PED.H) ("Pedro" or the "Company") has closed its $200,000 non-brokered private placement (the "Placement") with Canadian investors that was previously announced on November 16, 2012 and November 20, 2012 consisting of 4,000,000 units (the "Units") at a price of $0.05 per Unit. Each Unit comprises one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of Pedro at a price of $0.10 each until December 5, 2013.
The net proceeds raised from the Placement will be used for general working capital purposes.
Finder's fees equal to 7% of the gross proceeds placed by the efforts of certain finders were paid in cash and finder's warrants ("Finder's Warrants"). Each Finder's Warrant will entitle the holder thereof to purchase one common share of Pedro at a price of $0.10 each until December 5, 2013.
All securities issued pursuant to the Placement will be subject to a four month hold period expiring on April 6, 2013.
Pedro Resources Ltd.
John B. McCleery, President & CEO
Disclaimer for Forward-Looking Information
Certain statements in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward looking information is identified by words such as "estimates", "intends", "expects", "believes", "may" "will" and includes without limitation, statements regarding the use of proceeds from the Placement. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, recent market volatility; variations in the nature, the Company's ability to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. Most of these factors are outside the control of the Company. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pedro Resources Ltd.
John B. McCleery
President & CEO