Pelangio Exploration Increases Size of Previously Announced Private Placement up to $780,063 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 – January 11, 2022
82 Richmond Street East, Toronto, ON M5C 1P1 T: 905-336-3828
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NEWS RELEASE
PELANGIO EXPLORATION INCREASES SIZE OF PREVIOUSLY ANNOUNCED
PRIVATE PLACEMENT UP TO $780,063
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 1 1, 202 2) – Pelangio Exploration Inc. (TSX -V:PX; 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 private placement of (“Units”) from
aggregate gross proceeds of up to CDN$625,000 to aggregate gross proceeds of up to CDN$780,063 (the
“Private Placement”). Each Unit consists of one common share of the Company (a “Common Share”) and
one quarter of a Common Share purchase warrant (“ Warrant”). Each full Warrant entitles the holder to
purchase one Common Share at a price of $0.15 for one year . Pursuant to the Private Placement, the
Company will issue an aggregate of up to 7,800,630 shares at a price of $0.10 per common share to raise
gross proceeds of up to $780,0 63. For additional details of the Private Placement, please refer to the
Company’s press release dated December 22, 2021.
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.
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.
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 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 world-class land packages on strategic gold belts in Ghana, West Africa and
Canada. In Ghana, the Company is exploring its two 100% own ed, 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
Pelangio Exploration Inc. News Release – January 11, 2022
82 Richmond Street East, Toronto, ON M5C 1P1 Tl: 905-336-3828
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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.
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 con nection with the
Offering, 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 ad ditional
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, perfor mance 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 markets, share price volatility, volat ility 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 Compa ny’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 mate rially
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 Pr ovider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.