Pelangio Exploration Closes Second Tranche Of Private Placement For Total Gross Proceeds To Date Of $680,063

About this update from Pelangio Exploration Inc.

[{"type":"text","content":"Pelangio Exploration Closes Second Tranche Of Private Placement For Total Gross Proceeds To Date Of $680,063THIS 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 / January 12, 2022 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has closed the second tranche (the \"Second Tranche\") of a non-brokered private placement announced on December 22, 2021 (the \"Private Placement\") and increased to $780,063 on January 11, 2022. The Second Tranche raised gross proceeds of $317,093 from the issuance of 3,170,930 units (the \"Units\") at a price of $0.10 per Unit. In the aggregate, $680,063 has been raised in two tranches.In connection with the Second Tranche, each Unit consisted of one common share of the Company (a \"Common Share\") and one quarter of a Common Share purchase warrant (\"Warrant\"). Each full Warrant entitles the holder to purchase one Common Share at a price of $0.15 until January 12, 2023.In connection with the Second Tranche, the Company paid finder's fees to Leede Jones Gable Inc. totaling $1,600 in cash. All securities issued in this closing of the Second Tranche are subject to statutory four month hold periods expiring on May 13, 2022. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.The Company expects to complete a third and final tranche of the Private Placement of up to 1,000,000 Units for additional gross proceeds of up to $100,000. Together with the completed tranches of the Private Placement this represents an increase of the Private Placement from $680,063 to $780,063.Closing of the balance of the Private Placement is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange and receipt of definitive subscriptions. All securities issued in this closing are subject to statutory four month hold periods from the date of issuance.The purchase of 250,000 Units pursuant to the Second Tranche by Ingrid Hibbard (President, CEO, and a director of the Company) (the \"Related Party\") constituted a \"related party transaction\" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in ...

More updates from Pelangio Exploration Inc.