Pelangio Exploration Increases Size of Previously Announced Private Placement to up to $2.221 Million

Rhea-AI Summary

Pelangio Exploration has announced an increase in its non-brokered private placement, raising the total size from $1,800,000 to $2,221,000. The offering includes hard dollar units priced at $0.13 per unit and flow-through shares at $0.17 per share. Pelangio is focused on gold exploration in Ghana and Canada, with properties that include the Manfo and Obuasi properties in Ghana and the Grenfell property in Ontario. The company anticipates utilizing the new funds to advance its exploration initiatives.

Positive

• Increased private placement from $1,800,000 to $2,221,000.
• Hard dollar units priced at $0.13 and flow-through shares at $0.17.

Negative

• None.

TORONTO, ON / ACCESSWIRE / November 24, 2020 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that due to additional demand, the Company has increased the size of its previously announced non-brokered private placement of hard dollar units ("HD Units") and flow-through shares ("FT Shares") from aggregate gross proceeds of up to $1,800,000 to aggregate gross proceeds of up to $2,221,000 (the "Offering"). The Offering consists of the sale of HD Units, each such HD Unit comprised of one common share and one common share purchase warrant, for the price of $0.13 per HD Unit and common shares of the Company issued on a flow-through basis at a price of $0.17 per FT Share. For additional details of the Offering, please refer to the Company's press release dated November 16, 2020.

Neither 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.

About Pelangio

Pelangio acquires and explores world-class gold belt land packages Ghana, West Africa and Canada. 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, as well as the newly optioned Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario on its Grenfell property, located 10 km from Kirkland Lake, at its Dome West property, situated some 800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan. 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 Offering generally, the proposed use of proceeds and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about our ability to close the Offering in a timely manner, if at all, the state of the equity markets, and that all applicable regulatory approvals for the Offering will be received. 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 ability of the Company to meet the conditions of closing, our ability to conduct our exploration programs as planned, changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, increases in costs, exchange rate fluctuations, speculative nature of gold exploration 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.

SOURCE: Pelangio Exploration Inc.

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FAQ

What is the latest news from Pelangio Exploration regarding private placement PGXPF?

Pelangio Exploration has increased the size of its non-brokered private placement to $2,221,000 due to additional demand.

What are the prices for the hard dollar units and flow-through shares in Pelangio's offering PGXPF?

The hard dollar units are priced at $0.13 each, while the flow-through shares are priced at $0.17 each.

Which properties is Pelangio Exploration focusing on for gold exploration?

Pelangio Exploration is focused on properties in Ghana, including the Manfo and Obuasi properties, and in Canada, including the Grenfell property.