Pedro Resources Ltd. (TSXV:PED.H) agreed to acquire Voisey's Bay Mine in Newfoundland and Labrador for CAD 1.3 million on November 27, 2020. For consideration, Pedro Resources will issue an aggregate of 8 million common shares in the capital of the Pedro Resources at a deemed price of CAD 0.08 per consideration share issued in six equal allotments over a period of three years, and cash payments of CAD 0.165 million payable on each of the first three anniversaries of the closing of the transaction. All securities issued pursuant to the acquisition will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws. In connection with the Transaction, Pedro has granted a 2.5% net smelter returns royalty (“NSR”) in favour of a syndicate, subject to the ability of the Company to purchase 1% of the NSR (resulting in the remaining NSR being 1%) for a purchase price of CAD1.5 million at any time before fifth anniversary of the date hereof. Pedro undertook a non-brokered private placement of up to 4,000,000 units at a price of CAD 0.15 per Unit and proceeds from the private placement will be used in connection with Voisey's acquisition. The transaction remains subject to the approval of all regulatory and other approvals, including the approval of the TSX Venture Exchange. As of April 1, 2021, Pedro Resources Ltd. is actively pursuing the arm's length share purchase agreement.

Pedro Resources Ltd. (TSXV:PED.H) completed the acquisition of Voisey's Bay Mine in Newfoundland and Labrador on July 14, 2021.