Pelangio Exploration Announces Private Placement FOR Gross Proceeds up to $625,000 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 – December 22, 2021 1
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
NEWS RELEASE
PELANGIO EXPLORATION ANNOUNCES PRIVATE PLACEMENT FOR GROSS PROCEEDS UP TO $625,000
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 ( December 22, 2021) – Pelangio Exploration Inc. (TSX -V:PX; OTC PINK:PGXPF)
(“Pelangio” or the “Company”) is pleased to announce a non -brokered private placement for gross
proceeds of up to $625,000 (the “Offering"). The Offering will consist of the sale of units (the “Units”) of
the Company at a price of $0.10 per Unit. Each Unit consists of one common share of the Company (a
“Common Share ”) and one quarter of one Common Share purchase warrant (“ Warrant”). Each whole
share purchase Warrant entitles the holder to purchase one Common Share at a price of $0.15 for a period
of one year from the initial closing date of the Offering. The Company intends to use the gross proceeds
as general working capital.
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 December 30, 2021 and is not subject to receipt of a minimum amount of gross proceeds. The
Company may pay to certain introducing parties, in respect of the Offering, finder’s fees of up to 8% cash,
subject to compliance with applicable securities legislation and TSX -V policies. 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 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 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 km 2 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 . In Canada, the Company is
currently focused in Ontario on its Dome West gold property, situated 800 meters from the Dome Mine
in Timmins, as well as its Gowan base metals property located 16 kilometers east of the Kidd Creek Mine.
Pelangio Exploration Inc. News Release – December 22, 2021 2
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
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 explorat ion 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 o r
achievements, or industry results, to be materially different from any fu ture 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 materi ally
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 requi red 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 Ven ture
Exchange) accepts responsibility for the adequacy or accuracy of this release.