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Pelangio Exploration Closes First Tranche of Flow Through Private Placement for Gross Proceeds of $475,000
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRI...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Closes First Tranche of Flow Through Private Placement for Gross Proceeds of $475,000THIS 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 / June 10, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has closed a first tranche of the non-brokered private placement previously announced on May 21, 2021 (the \"Offering\"). In this first tranche, the Company raised aggregate gross proceeds of $475,000 (the \"First Tranche\") by issuing 2,968,750 flow-through units of the Company (the \"FT Units\") at a price of $0.16 per FT Unit. Proceeds of the Offering will be used for exploration and drill programs at Pelangio's Dome West, Gowan and Hailstone projects.Each FT Unit is comprised of one common share in the capital of the Company (\"Common Share\") issued on a \"flow-through\" basis for purposes of the Income Tax Act (Canada) and one half of one Common Share purchase warrant (each whole Common Share purchase warrant a \"Warrant\") also issued on a flow-through basis. Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.20 for a period of eighteen (18) months following the closing date of the Offering, subject to adjustment in certain events and provided that, if after four months and one day after the closing date of the Offering, the VWAP of the Common Shares on the TSX Venture Exchange (\"TSX-V\") is at or above $0.40 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 on the 20th day after the date on which such press release is disseminated. The gross proceeds from the sale of the FT Units will be used to incur qualifying Canadian Exploration Expenses. Qualifying expenses are to be incurred by no later than December 31, 2022 for renunciation to investors of FT Units in the Offering effective December 31, 2021.In connection with the closing of the First Tranche, the Company paid finder's fees to Echelon Wealth Partners and Leede Jones Gable, each arm's length finders, consisting of an aggregate of $26,250 in cash and an aggregate of 164...