Pelangio Increases Size of Previously Announced Private Placement to up to $225,000 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.
Pelangio Exploration Inc. News Release – December 16, 2019 1
82 Richmond Street East,
Toronto, ON M5C 1P1
Tel: 905-336-3828
Fax: 905-336-3899
NEWS RELEASE
PELANGIO INCREASES SIZE OF PREVIOUSLY ANNOUNCED
PRIVATE PLACEMENT TO UP TO $225,000
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 16, 2019) – 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 private placement of flow-through common shares (“FT Shares”) from
aggregate gross proceeds of up to CDN$165,000 to aggregate gross proceeds of up to CDN$225,000 (the “Private
Placement”). Pursuant to the Private Placement, the Company will issue an aggregate of up to 1,500,000 FT
Shares at a price of $0.15 per FT Share to raise gross proceeds of up to $225,000. For additional details of the
Private Placement, please refer to the Company’s press release dated December 5, 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]
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
Pelangio Exploration Inc. News Release – December 16, 2019 2
to forward-looking statements and information contained herein, we have made numerous assumptions, including
assumptions about our ability to close tranches of 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, change s 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 inv olved 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.