Pelangio Exploration Increases Size of Previously Announced Private Placement to up to $1,350,000 This News Release is Intended FOR Distribution IN Canada Only and is Not Intended FOR Distribution to United States Newswire Services OR Dissemination
Pelangio Exploration Inc.
Pelangio Exploration Inc. News Release – May 11, 2020 1
82 Richmond Street East,
Toronto, ON M5C 1P1
Tel: 905-336-3828
Fax: 905-336-3899
NEWS RELEASE
PELANGIO EXPLORATION INCREASES SIZE OF PREVIOUSLY ANNOUNCED
PRIVATE PLACEMENT TO UP TO $1,350,000
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 (May 11, 2020) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the
“Company”) is pleased to announce that due to additional demand, the Company has increased the size of its
previously announced non-brokered proviate placement of hard dollar units (“HD Units”) and flow-through shares
(“FT Shares”) from aggregate gross proceeds of up to $840,000 to aggregate gross proceeds of up to $1,350,000 (the
“Offering”). The Offering consists of the sale of HD Units, each such HD Unit comprised of one common share and
one common shares purchase warrant, for the price of $0.12 per HD Unit and common shares of the Company issued
on a flow-through basis at a price of $0.14 per FT Share. For additional details of the Offering, please refer to the
Company’s press release dated May 7, 2020.
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.
About Pelangio
Pelangio acquires and explores land packages in world-class gold belts in Canada and Ghana, West Africa. In Canada,
the company is focusing on the 6.7 km2 Grenfell property located approximately 10 km from the Macassa Mine in
Kirkland Lake, 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]
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 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 Offering in a timely manner, if at all, the state of the equity markets, and all applicable
regulatory approvals for the Offering will be received. 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, changes in equity
Pelangio Exploration Inc. News Release – May 11, 2020 2
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.