Pelangio Exploration Announces Clarification to Previously Announced Private Placement FOR Gross Proceeds up to $500,000 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 Inc. News Release – September 15th, 2023
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828
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NEWS RELEASE
PELANGIO EXPLORATION ANNOUNCES CLARIFICATION TO PREVIOUSLY ANNOUNCED
PRIVATE PLACEMENT FOR GROSS PROCEEDS UP TO $500,000
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, Ontario (September 15th, 2023) – Pelangio Exploration Inc. (TSX-V:PX; OTC PINK:PGXPF)
(“Pelangio” or the “Company”) announces a clarification to the previously announced non-brokered
private placement for gross proceeds of up to $500,000 (the “Offering"). The Offering will consist of the
sale of units (the “Units”) of the Company at a price of $0.03 per Unit. Each Unit consists of one common
share of the Company (a “Common Share”) and one Common Share purchase warrant (“Warrant”). Each
whole Warrant entitles the holder to purchase one Common Share at a price of $0.05 for a period of five
years from the initial closing date of the Offering. The Company intends to use the gross proceeds for
working capital, including up to 10% for settling non-arm’s length payables, as well as general corporate
purposes including land maintenance costs.
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 September
25th, 2023 and is not subject to receipt of a minimum amount of gross proceeds. The securities issued
pursuant to the Offering will be subject to a four-month and one day hold period in accordance with
applicable Canadian securities laws and TSX-V policies. The Offering is open to participation by insiders.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or
sale would be unlawful.
About Pelangio
Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West
Africa and Canada. In Ghana, the Company is focused on its two 100% owned camp-sized properties: the
100 km2 Manfo property, the site of eight 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 at its newly acquired gold, silver, zinc polymetallic Kenogaming
project, located 63 km southwest of Timmins, its Dome West property, situated some 800 meters from
Pelangio Exploration Inc. News Release – September 15th, 2023
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828
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the Dome Mine in Timmins; and at its Gowan polymetallic project, located 16 km east of the Kidd Creek
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: [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 proceeds that may
be raised in connection with the Offering, 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 additional tranches of the
Offering in a timely manner, if at all, 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 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 forwa rd-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.