Pelangio Exploration Announces a Flow-Through Private Placement for Gross Proceeds of $750,000 THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Pelangio Exploration Announces a Flow-Through Private Placement for Gross
Proceeds of $750,000
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, May 21, 2021 (GLOBE NEWSWIRE) -- Pelangio Exploration Inc. (PX:TSX-V; PGXPF:OTC PINK)
(“Pelangio” or the “Company”) announces a non-brokered private placement for gross proceeds of up to $750,000 (the
“Offering”). The Offering will consist of the sale of flow-through units (the “FT Units”) of the Company at a price of $0.16 per FT
Unit. Proceeds of the offering will be used for exploration programs at Pelangio’s Dome West, Gowan and Hailstone projects.
Each FT Unit will be comprised of one common share in the capital of the Company (“ Common Share ”) issued on a “flow-
through” basis for purposes of the Income Tax Act (Canada) and one half of one Common Share purchase warrant (each whole
Common Share purchase warrant a “ Warrant ”) also issued on a flow-through basis. Each Warrant will entitle the holder
thereof to purchase one Common Share at a price of $0.20 for a period of eighteen (18) months following the closing date of
the Offering, subject to adjustment in certain events and provided that, if after four months and one day after the closing date of
the Offering, the VWAP of the Common Shares on the TSX Venture Exchange is at or above $0.40 for a period of 15
consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release and
in such case the Warrants will expire on the 20th day after the date on which such press release is disseminated.
The shares issued under the Offering will be subject to a four-month and one day hold period and will not be sold in the United
States. The Offering is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory
approvals, including approval of the TSX-V. The closing of the Offering may occur in one or more tranches, with the initial
closing date of the Offering expected to occur on or around June 3, 2021 and is not subject to receipt of a minimum amount of
gross proceeds. Insiders of the Company are expected to participate up to 27% of the Offering. The Company may pay to
certain introducing parties in respect of the Offering finder’s fees of up to 7% cash and non-transferable 7% warrants, subject
to compliance with applicable securities legislation and TSX-V policies.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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 km 2 Manfo property, the site of seven near-surface gold
discoveries, and the 284 km 2 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 at its Dome West property, situated some 800 meters from the Dome Mine in
Timmins; at its Gowan polymetallic project, located 16 km east of the Kidd Creek Mine, 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: [email protected]
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 and 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, delays due to COVID-19 safety protocols, 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.