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Pelangio Exploration Completes $290,000 Private Placement
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 Completes $290,000 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 / August 13, 2019 / Pelangio Exploration Inc. (TSXV:PX)(OTCPINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce that it closed the non-brokered private placement previously announced on July 31, 2019 on August 12, 2019. The Company raised a total of $290,000 for the issuance of 1,000,000 common shares of the Company (“Common Shares”) issued on a “flow-through” basis (the “FT Shares”) and 1,000,000 Common Shares (“HD Shares”) of the Company at a price of $0.15 per FT Share and a price of $0.14 per HD Share (the “Private Placement”).The Company paid finder’s fees to PI Financial, Leede Jones Gable Inc., Raymond James Ltd., and First Republic Capital, each an arm’s length finder, consisting in the aggregate of $12,946.50 in cash and 88,142 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 December 13, 2019. 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 “QualifyingExpenses”) on the Company’s two Timmins projects: the Dalton property, located 1.5 kilometres south west of the historic Hollinger Gold Mine, and the Dome West property, located 800 metres from the Dome Mine, 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 Serv...