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Pelangio Exploration Announces Warrant Extension And Amendment As Well As Amendment To Dankran Option Agreement
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 Extension And Amendment As Well As Amendment To Dankran Option AgreementTHIS 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 / November 29, 2022 / Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") announces that, subject to the approval of the TSX Venture Exchange (\"TSX-V\"), it intends to extend the expiry and amend the terms of certain of the Company's outstanding warrants (the \"Warrants\"). The Warrants were initially issued pursuant to non-brokered private placements closed on December 3, 2020, December 10, 2020, June 10, 2021, June 18, 2021, December 30, 2021, January 12, 2022 and January 13, 2022. The Warrants' current and new expiry dates are detailed in the below chart. Number of Warrants OutstandingOriginal Expiry DateNew Expiration Date14,600,000December 3, 2022December 3, 20242,343,750December 10, 2022December 10, 20241,950,157December 30, 2022, January 12, 2023 and January 13, 2023December 30, 2024 In connection with the extension of the 1,950,157 Warrants to December 30, 2024 (the \"Amended Warrants\"), the Amended Warrants will also be amended to include an acceleration clause, effective as of each Amended Warrant's original date of expiry (December 30, 2022, January 12, 2023 and January 13, 2023, as applicable), whereunder the exercise period of the Amended Warrants will be reduced to twenty (20) days, if for any fifteen (15) consecutive trading days during the unexpired term of the Amended Warrants, the VWAP of the closing price of the Company's listed shares is at or above the price of $0.30 per share. All other terms of the Amended Warrants, including the exercise price of $0.15 per Amended Warrant, will remain the same.In addition, the Company is also pleased to announce it has reached an agreement with BNT Resources Ghana Ltd. to amend the terms of the original option agreement for the Dankran project (See news release November 12, 2020). The final cash payment of $100,000 is now payable in two installments of $50,000 due December 15, 2022 and April 1, 2023, and the final share issuance increases from 750,000 to 2,000,000 and is due December 1, 2022.Neither TSX-V nor its Regulation Services P...