BRIEF

on Pelangio Exploration Inc. (NASDAQ:PGXPF)

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.

R. E.

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