Pelangio Exploration Announces Private Placement FOR Gross Proceeds up to $400,000 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 $400,000
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 8th, 2024) – 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 $400,000 (the “Offering"). The Offering will consist of the sale of units (the “Units”) of
the Company at a price of $0.025 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 three years from the initial
closing date of the Offering. The Company intends to use the gross proceeds for working capital, including
exploration and metallurgical work and 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
30th, 2024 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
Dankran property located adjacent to its Obuasi property. See www.pelangio.com for further details on
all Pelangio’s properties.
Pelangio Exploration Inc. News Release – September 8th, 2024
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828
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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 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 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.