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Pelangio Exploration Announces Warrant Extension
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTIO...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Announces Warrant ExtensionTHIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / May 5, 2023 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") announces that, subject to approval of the TSX Venture Exchange (\"TSX-V\"), it intends to extend the expiry date of certain of the Company's outstanding warrants (the \"Warrants\"). The Warrants were initially issued pursuant to a non-brokered private placement on May 19, 2020 and May 27, 2020 and initially extended in April 2022 until May 19, 2023. The Warrants' current and new expiry dates are detailed in the below chart.Number of Warrants OutstandingAmended Expiry DateNew Expiration Date5,000,000May 19, 2023December 3, 20244,420,000May 19, 2023December 3, 2024For further information concerning the original issuance of the Warrants, please refer to the press releases of the Company dated May 19, 2020, May 27, 2020, and April 14, 2022.In connection with the extension of the Warrants to December 3, 2024, the Warrants will also be deemed to have been amended to include an acceleration provision whereby, if at any time following each Warrant's original expiry date (i.e., May 19, 2023), the volume weighted average price of the Company's common shares on the TSX Venture Exchange is equal to or greater than $0.30 for a period of 15 consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release, and in such case the Warrants will expire at 5:00 p.m. on the 20th day after the date on which such press release is disseminated. All other terms and conditions of the Warrants, including the exercise price of the Warrants, remain unchanged. The Warrant extension is subject to acceptance by the TSX-V.A total of 425,000 Warrants are held by Ingrid Hibbard (President, CEO, and a director of the Company) (a \"RelatedParty\"). Therefore, the amendment of Warrants constitutes a \"related party transaction\" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). However, the Company can rely on exemptions from the MI 61-101 valuation and minority approval requirements f...