Pelangio Exploration Completes $225,000 Private Placement
Pelangio Exploration Inc.
Pelangio Exploration Inc. News Release – December 20, 2019 1
82 Richmond Street East,
Toronto, ON M5C 1P1
Tel: 905-336-3828
Fax: 905-336-3899
NEWS RELEASE
PELANGIO EXPLORATION COMPLETES $225,000 PRIVATE PLACEMENT
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 20, 2019) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or
the “Company”) is pleased to announce that it closed the non-brokered private placement (the “Private Placement”)
previously announced on December 5, 2019 and December 16, 2019. The Company raised a total of $225,000 for
the issuance of 1,500,000 common shares of the Company (“Common Shares”) issued on a “flow-through” basis
(the “FT Shares”).
The Company paid finder’s fees to PI Financial Corp., an arm’s length finder, consisting of $4,221.00 in cash and
28,140 of non-transferrable warrants (“Finder Warrants”). Each Finder Warrant entitles the holder to purchase one
Common Share at a price of $0.20 for a period of one year from the closing date of the Private Placement. All
securities issued pursuant to the Private Placement, including the Finder Warrants, are subject to a statutory hold
period expiring April 21, 2020. The Private Placement remains subject to final acceptance by 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 Private Placement raised from the sale of FT Shares will be primarily used to incur qualifying
Canadian Exploration Expenses (the “ Qualifying Expenses”) on the Company’s Grenfell Property located
approximately 10 km northwest of the Town of Kirkland Lake, or on its other Canadian properties. The Qualifying
Expenses are to be incurred by no later than December 31, 2020 for renunciation to investors of FT Shares in the
Private Placement 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, the Grenfell Property located 10 km from the
Macassa Mine in Kirkland Lake, 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 – December 20, 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 the receipt of final acceptance by the TSX Venture Exchange 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 receive final acceptance of the Private Placement, 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.