Pelangio Exploration Announces Closing of Private Placement for Gross Proceeds of $1,000,000

About this update from Pelangio Exploration Inc.

[{"type":"text","content":"Pelangio Exploration Announces Closing of Private Placement for Gross Proceeds of $1,000,000Toronto, Ontario--(Newsfile Corp. - March 29, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has closed a non-brokered private placement of 25,000,000 units (the \"Units\") of the Company at a price of $0.04 per Unit for gross proceeds of $1,000,000 (the \"Private Placement\").Each Unit consists of one common share of the Company (a \"Share\") and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share for a period of 36 months from the date of the issue of the Warrants at an exercise price of $0.05 per Warrant Share.The Company intends to use the gross proceeds for working capital, including exploration, metallurgical work and land maintenance costs, up to 10% for settling non-arm's length payables, as well as for general corporate purposes.No finder's fees are payable in relation to this private placement. All securities issued in this closing of the Private Placement are subject to statutory four-month hold periods expiring four months after the date of issuance. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.About PelangioPelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is focused on its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of eight near-surface gold discoveries, and the 284 km2 Obuasi property, l...

More updates from Pelangio Exploration Inc.