Pelangio Exploration Inc. announces private placement of up to $500,000

Pelangio Exploration Inc., a company listed on TSXV:PX and OTC PINK:PGXPF, recently announced its intention to complete a non-brokered private placement of up to $500,000. This placement will consist of the sale of units of the company at a price of $0.015 per unit. Each unit includes one share of common stock and one warrant to purchase one additional share at $0.05 for five years after the initial offering closing date.

Funds raised will be used as working capital, including up to 10% for the settlement of unconsolidated debts, as well as for general corporate purposes, including grounds maintenance costs. Completion of this offering is subject to customary closing conditions, including obtaining applicable regulatory approvals, such as those of the TSX-V. The initial closing of the offering is expected around March 30, 2024, with no conditions related to the receipt of a minimum amount of subscriptions. The securities issued in this offering will be subject to a hold period of four months and one day, in accordance with Canadian securities legislation and the policies of the TSX-V.