Bedford Metals Announces Closing of Private Placement

BEDFORD METALS CORP.

Suite 313, 515 West Pender Street

Vancouver, British Columbia

V6B 6H5

NEWS RELEASE

BEDFORD METALS ANNOUNCES CLOSING OF PRIVATE PLACEMENT

August 18, 2023 – Vancouver, British Columbia – Bedford Metals Corp. (the “Company”) (TSXV:

BFM) announces that it has completed its non-brokered private placement (the “Offering”) of

convertible debentures units (the “Debenture Units”) and has issued 447.5 Debenture Units, at

a price of $1,000 per Debenture Unit, for gross proceeds of $447,500.

Each Debenture Unit consists of: (i) one unsecured convertible debenture (each, a “Convertible

Debenture”) in the principal amount of $1,000 maturing on August 18, 2028 (the “Maturity Date”);

and (ii) 9,090 detachable common share purchase warrants of the Company (each, a “Warrant”).

In connection with completion of the Offering, the Company has issued 4,067,775 Warrants.

Each Convertible Debenture bears interest at a rate of eight percent per annum, payable upon

the Maturity Date. Each Warrant entitles the holder purchase one common share of the Company

at a price of $0.11 until August 18, 2028. The principal amount of the Convertible Debentures is

convertible into common shares of the Company (each, a “Conversion Share”), at the option of

the holder, at a rate of one Conversion Share for every $0.11 of outstanding indebtedness.

The proceeds of the Offering will be utilized by the Company for general working capital purposes

and to complete planned work at its wholly-owned Margurete Gold Project, located at Phillips

Arms in southwestern British Columbia.

No finders’ fees or commissions were paid in connection with completion of the Offering. All

securities issued in connection with the Offering are subject to a statutory hold period until

December 19, 2023 in accordance with applicable securities laws.

For further information, contact Peter Born at [email protected].

On behalf of the Board,

Bedford Metals Corp.

Peter Born, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private

Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release,

the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or

expressions identify forward-looking statements or information. These forward-looking statements or information may

relate to the intended use of the proceeds from the Offering, and other factors or information. Such statements

represent the Company’s current views with respect to future events and are necessarily based upon a number of

assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant

business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known

and unknown, could cause results, performance or achievements to be materially different from the results,

performance or achievements that are or may be expressed or implied by such forward-looking statements. The

Company does not intend, and does not assume any obligation, to update these forward-looking statements or

information to reflect changes in assumptions or changes in circumstances or any other events affecting such

statements and information other than as required by applicable laws, rules and regulations.