Pelangio Announces a Correction Regarding a Recent Release Concerning the Grant of Stock Options

Rhea-AI Summary

Pelangio Exploration Inc. (OTC PINK:PGXPF) announced a correction in its stock option grant, reducing the total from 3,275,000 to 2,987,500 stock options for its officers, directors, employees, and advisors. The options are exercisable for five years at a price of $0.17 per share, unchanged from the previous announcement. This change is effective as of November 5, 2020. Pelangio focuses on acquiring and exploring gold properties in Canada and Ghana, including notable areas near Kirkland Lake and the Obuasi Mine.

Positive

• The stock options grant aligns with company strategy to incentivize management and staff.
• Pelangio continues to explore significant gold properties in established regions.

Negative

• The reduction in stock options might indicate a lack of confidence in the previous plans.
• Options grant could dilute shares for existing shareholders if exercised.

TORONTO, ON / ACCESSWIRE / November 5, 2020 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") announces that it has granted to its officers, directors, employees and advisors a total of 2,987,500 stock options instead of the 3,275,000 options previously announced in its press release dated October 28, 2020. These stock options can be exercised for a period of 5 years from the date of grant at a price of $0.17 per share, which remains unchanged from the previous announcement. This grant will be effective as of today's date, November 5, 2020.

About Pelangio

Pelangio acquires and explores world-class gold belt land packages in Canada and Ghana, West Africa. Its key properties in Ontario, Canada, are the Grenfell property, located 10 km from Kirkland Lake, and the Dome West property, situated some 800 meters from the Dome Mine in Timmins. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km² Manfo Property, the site of seven near-surface gold discoveries, and the 284 km² Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine. See www.pelangio.com for further detail on all Pelangio's properties.

For additional information, please visit our website at www.pelangio.com, or contact:

Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company's ability to complete the planned work programs, the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, the Company's plans to follow-up on previous work, and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward- looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

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.

SOURCE: Pelangio Exploration Inc.

View source version on accesswire.com:
https://www.accesswire.com/615060/Pelangio-Announces-a-Correction-Regarding-a-Recent-Release-Concerning-the-Grant-of-Stock-Options

FAQ

What is the significance of Pelangio's stock option grant on November 5, 2020?

Pelangio reduced its stock option grant from 3,275,000 to 2,987,500 options to its officers, directors, employees, and advisors.

What is the exercise price for Pelangio's stock options?

The exercise price for the stock options is $0.17 per share.

Which properties is Pelangio Exploration focusing on?

Pelangio is exploring gold properties in Canada and Ghana, including significant sites near Kirkland Lake and the Obuasi Mine.

How long are Pelangio's stock options exercisable?

The stock options are exercisable for a period of five years from the grant date.