Pelangio Exploration Inc. Announces Initial Success in Private Placement

Pelangio Exploration Inc., operating under the market symbols TSXV:PX and OTC PINK:PGXPF, has successfully completed the first tranche of its planned $500,000 private placement, raising $113,500. The funding was garnered through the sale of 7,566,666 units at $0.015 each. These units comprise one common share and a warrant, permitting the purchase of an additional share at $0.05 until March 27, 2029.

Raymond James facilitated the transaction, earning $500 and 33,333 warrants as finder's fees, with these conditions strictly adhering to relevant securities legislation and TSX Venture Exchange policies. All the securities from this tranche will observe a statutory four-month holding period, concluding on July 28, 2024, as the effort to secure final approval from the TSX Venture Exchange continues.

The involvement of certain company insiders, contributing a combined $85,500, was noted, framing this participation as a "related party transaction." Nonetheless, the transaction did not breach Multilateral Instrument 61-101 guidelines due to the transaction's scope relative to the company's market capitalization. The offer is restricted to respective jurisdictions and complies with the U.S. Securities Act of 1933 regulations.