Bedford Metals Corp announced a non-brokered private placement of 500 convertible debenture units at an issue price of CAD 1,000 per debenture unit, for aggregate gross proceeds of up to CAD 500,000 on August 9, 2023. Each debenture unit shall be comprised of one CAD 1,000 principal amount unsecured convertible debenture of the company and 9,090 detachable common share purchase warrants of the company. Each convertible debenture will bear interest at a rate of 8% per annum, payable upon the maturity date which is 60 months from closing.

Each warrant will entitle the holder purchase one common share of the company at a price of CAD 0.11 for a period of sixty months from the closing of the transaction. The principal amount of the convertible debentures will be convertible into common shares of the company at the option of the holder, at a rate of one conversion share for every CAD 0.11 of outstanding indebtedness. All securities issued pursuant to the transaction will be subject to a statutory four month and one day hold period from their date of issuance.

The company may pay finders' fees to eligible third-parties who have introduced subscribers to the company. The closing of the transaction is subject to the TSX Venture Exchange.