Pelangio Exploration Completes $225,000 Private Placement

About this update from Pelangio Exploration Inc.

[{"type":"text","content":"Pelangio Exploration Completes $225,000 Private PlacementThis 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 / December 20, 2019 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it closed the non-brokered private placement (the \"Private Placement\") previously announced on December 5, 2019 and December 16, 2019. The Company raised a total of $225,000 for the issuance of 1,500,000 common shares of the Company (\"Common Shares\") issued on a \"flow-through\" basis (the \"FT Shares\").The Company paid finder's fees to PI Financial Corp., an arm's length finder, consisting of $4,221.00 in cash and 28,140 of non-transferrable warrants (\"Finder Warrants\"). Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.20 for a period of one year from the closing date of the Private Placement. All securities issued pursuant to the Private Placement, including the Finder Warrants, are subject to a statutory hold period expiring April 21, 2020. The Private Placement remains subject to final acceptance by the TSX Venture Exchange.The FT Shares will qualify as \"flow-through shares\" (within the meaning of the Income Tax Act (Canada)). The gross proceeds of the Private Placement raised from the sale of FT Shares will be primarily used to incur qualifying Canadian Exploration Expenses (the \"Qualifying Expenses\") on the Company's Grenfell Property located approximately 10 km northwest of the Town of Kirkland Lake, or on its other Canadian properties. The Qualifying Expenses are to be incurred by no later than December 31, 2020 for renunciation to investors of FT Shares in the Private Placement effective December 31, 2019.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 exempt...

More updates from Pelangio Exploration Inc.