Pelangio Exploration Agrees to Acquire 5SD Capital

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[{"type":"text","content":"Pelangio Exploration Agrees to Acquire 5SD CapitalTORONTO, ONTARIO / ACCESSWIRE / October 29, 2018 / Pelangio Exploration Inc. (TSX-V:PX) (OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has entered into a binding letter Agreement (the \"Agreement\") to acquire 2522962 Ontario Inc. (\"5SD Capital\"), a private company incorporated under the laws of Ontario with its head office located in Timmins, Ontario.Highlights of the Agreement Include: Pelangio will acquire 100% of the issued and outstanding shares of 5SD Capital in an all-share deal pursuant to which Pelangio will issue one new Pelangio common share for every five 5SD Capital common shares that are outstanding; 5SD Capital currently has 22,985,488 common shares outstanding. Accordingly, Pelangio would issue a total of 4,597,098 common shares to acquire 5SD Capital; 5SD Capital's assets as of October 26, 2018 consist of approximately $545,000, a securities portfolio with a market value of approximately $140,000 and mineral exploration properties located in Ontario as well as royalty interests.The Most Noteworthy of 5SD Capital's Mineral Property Interests Are: the Keigat Lake Area Claims currently under option to Pelangio and which surround Pelangio's Birch Lake property, as further described in the Pelangio press release dated May 24, 2018; the 10% interest the Dalton property, currently under option to Pelangio, as outlined in the press releases dated September 10, 2018; the 50% interest in the Montcalm and Nova nickel, copper, cobalt exploration properties currently under option to Pancontinental Resource Corporation, as outlined in Pancontinental's press release dated January 10, 2018, and; the 100% owned Grenfell gold exploration property located approximately ten kilometres northwest of the town of Kirkland Lake, comprising eight leased claims and three staked claims covering approximately 600 hectares.Ingrid Hibbard, President and CEO of Pelangio stated: \"The amalgamation of our two companies is another step in Pelangio’s strategic plan of acquiring exciting properties in established mining camps with compelling credentials in Canada and Ghana.\"Terms and Conditions of the AgreementUnder the terms of the proposed transaction, 5SD Capital Shareholders will receive 0.20 shares of Pelangio for each 5SD Capital share. 5SD Capital ...

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