Pedro Resources Ltd. (TSXV:PED.H) (‘Pedro’) entered into a definitive agreement to acquire Colorado Vanadium Corp. for CAD 3.3 million on July 16, 2018. The purchase consideration comprises 11.5 million shares of Pedro Resources, CAD 0.45 million in cash at the closing date and an additional payment of CAD 0.45 million on the first anniversary of the closing. The shareholders of Colorado Vanadium Corp. will also receive the benefit of a 2.5% net smelter royalty, of which 1.5% may be purchased by Pedro at any time on or before the seventh anniversary of the closing date, in consideration of a CAD 1.5 million cash payment. The Pedro Board of Directors intends to announce a capital raise of CAD 0.75 million in connection with this transaction to pursue the acquisition costs and exploration program. A CAD 0.05 million fee is payable to a consultant in connection with the transaction. Pedro Resources Ltd. (TSXV:PED.H) cancelled the proposed acquisition of Colorado Vanadium Corp. on January 15, 2019.