Pelangio Exploration Announces Issuance Of Shares For Litigation Settlement
Pelangio Exploration Announces Issuance Of Shares For Litigation
Settlement
TORONTO, ON / ACCESSWIRE / February 6, 2024 / Pelangio Exploration Inc.
(TSX.V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") pursuant to the release on
July 11, 2023, the Company has agreed to issue 500,000 (C$10,000) common shares in the
capital of Pelangio at a deemed per-share price of $0.02, which is equal to the end of the day
price of Pelangio Shares on the TSX Venture Exchange (the "TSXV"). The shares for debt
settlement remain subject to approval by the TSXV. The Pelangio Shares will be subject to a
four-month hold period which will expire on the date that is four months and one day from the
date of issuance.
Under the terms of the settlement agreement Pelangio will be required to issue a final C$30,000
of common shares in the capital of Pelangio on the twelve-month anniversary of the settlement
agreement. The common shares will be priced based upon the closing price on the respective
anniversary dates. The second and final share issuance will be subject to approval by the TSXV.
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts in 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 four km on strike and adjacent to AngloGold Ashanti's prolific
high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.
See www.pelangio.com for further detail.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
T: 905-336-3828 / TF: 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 satisfaction of the conditions of the Obuasi litigation settlement
and Pelangio's proposed payments and share issuances pursuant to the settlement, and TSX
Venture exchange approval of such share issuances. With respect to forward-looking statements
and information contained herein, we have made numerous assumptions, including assumptions
about applicable court and regulatory approvals for the settlement and the proposed share
issuances. 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 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.
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.