Pelangio Exploration Completes Final Tranche of Private Placement

Pelangio Exploration Inc., a mineral exploration company traded on TSX Venture Exchange and OTC PINK, announced the completion of a second and final tranche of a private placement which accumulated $500,000 in gross proceeds. This final tranche released 25,766,666 shares and an equal number of purchase warrants, contributing $386,500 toward the total funds raised.

The entire private placement, announced on February 28, 2024, consisted of over 33 million units priced at $0.015 each, combining common shares and warrants, with the warrants exercisable at $0.05 over a five-year term. The first tranche was completed on March 28, 2024, raising $113,500. The proceeds from this financing are earmarked for working capital and general corporate needs, including land maintenance costs.

Pelangio paid finders' fees totaling $23,000 and issued over 1.5 million warrants as part of the compensation for the private placement facilitation. This private placement is pending final approval by the TSX Venture Exchange.