Pelangio Exploration Arranges $150,000 Flow-Through Financing
Pelangio Exploration Inc.
Pelangio Exploration Inc. News Release – January 24, 2019 1
82 Richmond Street East,
Toronto, ON M5C 1P1
Tel: 905-336-3828
Fax: 905-336-3899
NEWS RELEASE
PELANGIO EXPLORATION ARRANGES $150,000 FLOW-THROUGH FINANCING
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 (January 24, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the
“Company”) is pleased to announce that it has arranged for a $150,000 Flow-Through Financing. The Company
intends to undertake a non-brokered flow-through private placement consisting of approximately 566,038 common
shares issued on a "flow-through" basis (the "FT Shares") at a price of $0.265 per share to raise gross proceeds of up
to $150,000 (the “Offering”).
The shares issued under the Offering will be subject to a four-month and one day hold period and will not be sold in
the United States. The Company will pay a cash finder’s fee equal to 5% of the proceeds raised.
Closing of the Offering is anticipated to occur on or before January 31, 2019, and is subject to customary closing
conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX
Venture Exchange.
The FT Shares will qualify as “flow-through shares” (within the meaning of the Income Tax Act (Canada)). The gross
proceeds of the Offering will be primarily used to incur qualifying Canadian Exploration Expenses (the “Qualifying
Expenses”) on the Company’s Dome West property strategically located approximately 800 metres west of the Dome
Mine open pit, in the city of Timmins, Ontario, and on our other Ontario properties. The Qualifying Expenses are to
be incurred by no later than December 31, 2020 for renunciation to investors in the Offering effective December 31,
2019.
Neither 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.
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 jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will
be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in
accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the
laws of such jurisdictions.
About Pelangio
Pelangio acquires and explores large land packages in world-class gold belts in Canada and Ghana, West Africa. In
Canada, the company is focusing on the Dome West property located 800 metres from the Dome Mine in Timmins,
the 25 km2 Birch Lake Property located in the Red Lake Mining District and the Dalton Property located 1.5 km from
the Hollinger Mine in Timmins. In Ghana, the Company is focusing on two 100% owned camp-sized properties: the
100 km2 Manfo Property, the site of seven recent 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. Ghana is an English-
speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in
Africa.
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]
Pelangio Exploration Inc. News Release – January 24, 2019 2
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
Private Placement generally, 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 the Private Placement 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, our ability to spend the proceeds of the flow- through financing by December 31,
2020, and that the expenditure of the proceeds of the flow-through financing will not be considered Qualifying
Expenses, changes in equity markets, share price volatility, volatility of global and local economic climate, gold price
volatility, increases in costs, exchange rate fluctuations, speculative nature of gold exploration and other r isks
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.