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PX - Pelangio Exploration Inc News Story

C$0.12 0.0  0.0%

Last Trade - 17/09/21

Sector
Basic Materials
Size
Micro Cap
Market Cap £5.14m
Enterprise Value £4.24m
Revenue £n/a
Position in Universe 2031st / 2707

Pelangio Exploration Announces a Flow-Through Private Placement for Gross Proceeds of $750,000

Fri 21st May, 2021 4:50pm
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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, May 21, 2021 (GLOBE NEWSWIRE) -- Pelangio Exploration Inc. (PX:TSX-V;
PGXPF:OTC PINK) (“Pelangio” or the “Company”) announces a non-brokered
private placement for gross proceeds of up to $750,000 (the “Offering”).
The Offering will consist of the sale of flow-through units (the “FT
Units”) of the Company at a price of $0.16 per FT Unit. Proceeds of the
offering will be used for exploration programs at Pelangio’s Dome West,
Gowan and Hailstone projects.

Each FT Unit will be comprised of one common share in the capital of the
Company (“Common Share”) issued on a “flow-through” basis for purposes
of the Income Tax Act (Canada) and one half of one Common Share purchase
warrant (each whole Common Share purchase warrant a “Warrant”) also issued
on a flow-through basis. Each Warrant will entitle the holder thereof to
purchase one Common Share at a price of $0.20 for a period of eighteen (18)
months following the closing date of the Offering, subject to adjustment in
certain events and provided that, if after four months and one day after the
closing date of the Offering, the VWAP of the Common Shares on the TSX Venture
Exchange is at or above $0.40 for a period of 15 consecutive trading days, the
Company may accelerate the expiry date of the Warrants by disseminating a
press release and in such case the Warrants will expire on the 20th day after
the date on which such press release is disseminated.

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 Offering is
subject to customary closing conditions including, but not limited to, receipt
of applicable regulatory approvals, including approval of the TSX-V. The
closing of the Offering may occur in one or more tranches, with the initial
closing date of the Offering expected to occur on or around June 3, 2021 and
is not subject to receipt of a minimum amount of gross proceeds. Insiders of
the Company are expected to participate up to 27% of the Offering. The Company
may pay to certain introducing parties in respect of the Offering finder’s
fees of up to 7% cash and non-transferable 7% warrants, subject to compliance
with applicable securities legislation and TSX-V policies.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in
the policies of the TSX-V) accepts responsibility for the adequacy or accuracy
of this release.

About Pelangio 
Pelangio acquires and explores world-class gold belt land packages Ghana, West
Africa and Canada. In Ghana, the Company is exploring its two 100% owned
camp-sized properties: the 100 km(2) Manfo property, the site of seven
near-surface gold discoveries, and the 284 km(2) Obuasi property, located 4 km
on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi
Mine, as well as the newly optioned Dankran property located adjacent to its
Obuasi property. In Canada, the Company is currently focused in Ontario at its
Dome West property, situated some 800 meters from the Dome Mine in Timmins; at
its Gowan polymetallic project, located 16 km east of the Kidd Creek Mine, and
is advancing its Hailstone property in Saskatchewan. See www.pelangio.com for
further detail on all Pelangio’s properties.

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: info@pelangio.com

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 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 changes in equity markets, share price volatility, volatility of global
and local economic climate, gold price volatility, political developments in
Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative
nature of gold exploration, including the risk that favourable exploration
results may not be obtained, delays due to COVID-19 safety protocols, 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.


(https://www.globenewswire.com/NewsRoom/AttachmentNg/1ebd11ba-29a9-41cd-80ac-9aea7af9b0bc)



GlobeNewswire, Inc. 2021
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