TORONTO, ON / ACCESSWIRE / December 10, 2020 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (“Pelangio” or the “Firm”) is happy to announce that it has closed the ultimate tranche of the non-brokered personal placement beforehand introduced on November 16, 2020 and November 24, 2020, and December 3, 2020 (the “Providing“). On this ultimate tranche, the Firm raised mixture gross proceeds of $970,800 (the “Remaining Tranche“) by issuing 6,650,000 laborious greenback models (the “HD Models“) at a worth of $0.13 per HD Unit and 625,294 widespread shares of the Firm issued on a flow-through foundation (the “FT Shares“) at a worth of $0.17 per FT Share. The whole gross proceeds of the Providing, together with the funds raised as a part of the primary tranche closed on December 3, 2020, consists of $2,211,700.

Every HD Unit consists of 1 widespread share of the Firm (a “Widespread Share“) and one Widespread Share buy warrant (“Warrant“). Every Warrant entitles the holder to buy one Widespread Share at a worth of $0.18 for a interval of two years from December 3, 2020 (the “Preliminary Closing Date“). The FT Shares will qualify as “flow-through shares” (throughout the that means of the Revenue Tax Act (Canada)).

The gross proceeds from the sale of the FT Shares might be used to incur qualifying Canadian Exploration Bills. Qualifying bills are to be incurred by no later than December 31, 2021 for renunciation to traders of FT Shares within the Providing efficient December 31, 2020. The stability of the proceeds of the Providing might be used to advance the Firm’s gold exploration initiatives in Ghana, and for normal company and dealing capital functions.

In reference to the closing of the Second Tranche, the Firm paid finder’s charges to Canaccord Genuity Corp., PI Monetary Corp., Leede Jones Gable Inc., Raymond James Ltd. and Zuri-Make investments AG., every arm’s size finders, consisting of an mixture of $48,230.00 in money and an mixture of 364,000 non-transferrable warrants (“Finder Warrants“). Every Finder Warrant entitles the holder to buy one Widespread Share at a worth of $0.18 for a interval of two years from the Preliminary Closing Date.

The acquisition of HD Models and FT Shares pursuant to the Providing by Ingrid Hibbard (President, CEO, and a director of the Firm) and David Mosher (a director of the Firm) (collectively, the “Associated Events“) constituted a “associated get together transaction” as such time period is outlined by Multilateral Instrument 61-101 -Safety of Minority Safety Holders in Particular Transactions (“MI 61-101“). The Firm was exempt from the MI 61 101 valuation and minority approval necessities for associated get together transactions in reference to the Providing beneath sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the truthful market worth (as decided beneath MI 61-101) of the subject material of, nor the truthful market worth of the consideration for, the transaction, insofar because it entails the Associated Events, exceeds 25% of the Firm’s market capitalization (as decided beneath MI 61-101).

All securities issued within the Remaining Tranche of the Providing, together with the Finder Warrants, are topic to a statutory maintain interval expiring on April 11, 2021. The Providing stays topic to ultimate acceptance by the TSX Enterprise Trade.

PROJECT UPDATES

Ghana Mission Replace – Dankran and Manfo Tasks

The Dankran Prospecting License, which was beneath software by BNT Sources Ghana Ltd., the seller of the property to Pelangio Exploration, has now been issued and duly signed by the Minister of Lands and Pure Sources, Ghana. A program of group engagement was accomplished on the property and a deliberate soil sampling program commenced on December 1, 2020 with 27% of a deliberate preliminary 1,200 pattern program accomplished thus far. It’s anticipated that the soil sampling program might be accomplished by year-end with all assays obtained by mid January. With beneficial outcomes, Pelangio intends to begin an preliminary drill take a look at of gold in soil anomalies anticipated to start in late January.

Exploration and useful resource extension drilling packages deliberate for Pelangio’s Manfo challenge may begin after preliminary packages are accomplished at Dankran, contingent upon the Dankran outcomes. With distinctive outcomes, Dankran may turn into the near-term focus for exploration exercise in Ghana.

Canadian Mission Replace – Grenfell Property, Ontario

In late October 2020, the Firm accomplished a follow-up drill program consisting of 5 holes (see Pelangio information launch dated September 22, 2020 for additional particulars). All logging and sampling was accomplished on October 25, 2020, and samples have been submitted for evaluation. A considerable backlog at assay labs in Timmins has held up the receipt of outcomes, and Pelangio continues to be awaiting ultimate outcomes for your entire program. Nevertheless, these outcomes might be printed in a well timed vogue upon receipt and evaluation of all assay information.

Hailstone Property, Saskatchewan

Presently, the Firm is awaiting lab outcomes from its not too long ago accomplished until sampling program on the Asbell goal space. A floor induced polarization (“IP”) survey was initiated on December 10, 2020 to higher outline potential targets associated to gold occurrences, magnetic survey information and preliminary until pattern information. A full report on all the current work on the property might be printed upon completion of the IP survey and receipt of excellent until pattern evaluation. Based mostly on these outcomes, a first-phase drill program is deliberate for the property in early 2021.

Neither TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this launch.

This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of the securities in any jurisdictions wherein such supply, solicitation or sale can be illegal. Any providing made might be pursuant to out there prospectus exemptions and restricted to individuals to whom the securities could also be offered in accordance with the legal guidelines of such jurisdictions, and by individuals permitted to promote the securities in accordance with the legal guidelines of such jurisdictions.

About Pelangio

Pelangio acquires and explores world-class gold belt land packages Ghana, West Africa and Canada. In Ghana, the Firm is exploring its two 100% owned camp-sized properties: the 100 km² Manfo Property, the positioning of seven near-surface gold discoveries, and the 284 km² Obuasi Property, situated 4 km on strike and adjoining to AngloGold Ashanti’s prolific high-grade Obuasi Mine, in addition to the newly optioned Dankran property situated adjoining to its Obuasi property. In Canada, the Firm is at present targeted in Ontario on its Grenfell property, situated 10 km from Kirkland Lake, at its Dome West property, located some 800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan. See www.pelangio.com for additional element on all Pelangio’s properties.

For extra data, please go to our web site at www.pelangio.com, or contact:

Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Electronic mail: This e-mail tackle is being shielded from spambots. You want JavaScript enabled to view it.

Ahead Wanting Statements

Sure statements herein could comprise forward-looking statements and forward-looking data throughout the that means of relevant securities legal guidelines. Ahead-looking statements or data seem in a variety of locations and may be recognized by way of phrases corresponding to “plans”, “expects” or “doesn’t count on”, “is predicted”, “price range”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate” or “believes” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “may”, “would”, “would possibly” or “will” be taken, happen or be achieved. Ahead-looking statements and data embody statements concerning the Providing usually, the proposed use of proceeds and the Firm’s exploration plans. With respect to forward-looking statements and data contained herein, we’ve made quite a few assumptions, together with assumptions concerning the state of the fairness markets. Such forward-looking statements and data are topic to dangers, uncertainties and different components which can trigger the Firm’s precise outcomes, efficiency or achievements, or business outcomes, to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking assertion or data. Such dangers embody receipt of ultimate approval for the Providing from the TSX Enterprise Trade, the Firm’s capability to conduct our exploration packages as deliberate, adjustments in fairness markets, share worth volatility, volatility of world and native financial local weather, gold worth volatility, political developments in Ghana, will increase in prices, alternate charge fluctuations, speculative nature of gold exploration and different dangers concerned within the gold exploration business. See the Firm’s annual and quarterly monetary statements and administration’s dialogue and evaluation for added data on dangers and uncertainties regarding the forward-looking assertion and data. There may be no assurance {that a} forward-looking assertion or data referenced herein will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements or data. Additionally, lots of the components are past the management of the Firm. Accordingly, readers mustn’t place undue reliance on forward-looking statements or data. We undertake no obligation to reissue or replace any forward-looking statements or data besides as required by regulation. All forward-looking statements and data herein are certified by this cautionary assertion.