Pelangio Exploration Announces Private Placement FOR Gross Proceeds up to $1,000,000 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.
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NEWS RELEASE
PELANGIO EXPLORATION ANNOUNCES PRIVATE PLACEMENT FOR GROSS PROCEEDS UP TO $1,000,000
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 (February 26th, 2025) – Pelangio Exploration Inc. (PX:TSX-V; OTC
PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce a non-brokered private
placement for gross proceeds of up to $1,000,000 (the “Offering”). The Offering will consist of
the sale of units (the “Units”) of the Company at a price of $0.04 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 3 years from the initial closing date of the Offering. Each
Warrant will be 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 (“TSX-V”) is at or above $0.10 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 Company intends to use the gross proceeds for working capital, including exploration,
metallurgical work and land maintenance costs, up to 10% for settling non-arm’s length
payables, as well as for general corporate purposes.
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 March 15th, 2025 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
Pelangio Exploration Inc. News Release – February 26th, 2025
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828
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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.
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 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 Dankran property located
adjacent to its Obuasi property. See www.pelangio.com for further details 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 / / 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 Company’s strategy of acquiring large land
packages in areas of sizeable gold mineralization, and the Company’s ability to complete the
planned exploration programs. Regarding forward-looking statements and information
contained herein, we have made many assumptions, including 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, near-term
production may not be viable, delays due to COVID-19 or other 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
Pelangio Exploration Inc. News Release – February 26th, 2025
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828
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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.