Pelangio Exploration Completes Final Tranche of Private Placement for Aggregate Gross Proceeds of $720,000

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[{"type":"text","content":"Pelangio Exploration Completes Final Tranche of Private Placement for Aggregate Gross Proceeds of $720,000TORONTO, ON / ACCESSWIRE / December 16, 2022 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that it has closed the second and final tranche (the \"Final Tranche\") of a non-brokered private placement announced on October 21, 2022 (the \"Private Placement\") and increased up to $720,000 on November 28, 2022. The first tranche raised gross proceeds of $235,000 from the issuance of 7,833,333 units (the \"Units\") at a price of $0.03 per Unit. This Final Tranche raised gross proceeds of $485,000 from the issuance of 16,166,667 Units at a price of $0.03 per Unit.In connection with the Final Tranche, each Unit consisted of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.05 until December 16, 2025.The Company paid finder's fees to Raymond James Ltd., Zuri-Invest AG, and Echelon Wealth Partners Inc. totaling $21,180 in cash and 706,000 finder's warrants (the \"Finder's Warrants\"). Each Finder's Warrant entitles the holder to purchase one Common Share at a price of $0.05 until December 16, 2025. All finder's fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies. All securities issued in the Final Tranche are subject to statutory four month hold periods expiring on April 17, 2023. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. 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 exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jur...

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