Business
Pelangio Announces Private Placement Financing of up to $290,000
Toronto, Ontario--(Newsfile Corp. - July 31, 2019) - Pelangio Exploration Inc. (TSXV: PX) (OT...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Announces Private Placement Financing of up to $290,000Toronto, Ontario--(Newsfile Corp. - July 31, 2019) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) (\"Pelangio\" or the \"Company\") announces a non-brokered private placement of up to 1,000,000 flow-through common shares (\"FT Shares\") and of up to 1,000,000 common shares (\"HD Shares\") of the Company at a price of $0.15 per FT Share and a price of $0.14 per HD Share to raise gross proceeds of up to $290,000 (the \"Private Placement\").The FT Shares will qualify as \"flow-through shares\" (within the meaning of the Income Tax Act (Canada)). The gross proceeds of the Private Placement raised from the sale of FT Shares will be primarily used to incur qualifying Canadian Exploration Expenses (the \"Qualifying Expenses\") on the Company's two Timmins projects: the Dalton property, located 1.5 kilometres south west of the historic Hollinger Gold Mine, and the Dome West property, located 800 metres from the Dome Mine, or on its other Canadian properties. The Qualifying Expenses are to be incurred by no later than December 31, 2020 for renunciation to investors of FT Shares in the Private Placement effective December 31, 2019. The closing of the Private Placement may occur in one or more tranches, with the initial closing date of the Private Placement expected to occur on or before August 6, 2019, and is not subject to receipt of a minimum amount of gross proceeds. The Company may pay finder's fees equal to 7% of the proceeds raised and will issue of 7% non-transferrable warrants to purchase common shares of the Company to certain introducing parties in respect of the Private Placement, subject to compliance with applicable securities legislation and TSX Venture Exchange policies. Closing is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.The securities issued pursuant to the Private Placement will be subject to a four-month and one day hold period inaccordance with applicable Canadian securities laws and TSX Venture Exchange policies. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press r...