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Pelangio Exploration Executes Definitive Agreement to Acquire 5SD Capital
TORONTO, ON / ACCESSWIRE / November 14, 2018 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Executes Definitive Agreement to Acquire 5SD CapitalTORONTO, ON / ACCESSWIRE / November 14, 2018 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to report that, further to the Company's news release of October 29, 2018, it has executed a Definitive Agreement with 2522962 Ontario Inc. (\"5SD Capital\"). Highlights of the Definitive Agreement Include:1. Pelangio will acquire 100% of the issued and outstanding shares of 5SD Capital in an all-share deal pursuant to which Pelangio will issue one new Pelangio common share for every five 5SD Capital common shares that are outstanding;2. 5SD Capital currently has 22,985,488 common shares outstanding. 5SD Capital Shareholders will receive 0.20 shares of Pelangio for each 5SD Capital share. Accordingly, Pelangio will issue a total of 4,597,098 common shares to acquire 5SD Capital;3. 5SD Capital's assets as of October 26, 2018 consist of approximately $545,000, a securities portfolio with a market value of approximately $140,000 and mineral exploration properties located in Ontario as well as royalty interests.The Company, having received TSX Venture Exchange approval, anticipates the closing of the acquisition of 5SD Capital will take place on or before December 7, 2018.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.About PelangioPelangio acquires and explores large land packages in world-class gold belts in Canada and Ghana, West Africa. In Canada, the company is focusing on the 25 km2 Birch Lake Property located in the Red Lake Mining District and the Dalton Property located 1.5 km from the Hollinger mine in Timmins. In Ghana, the Company is focusing on two 100%-owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-surface gold discoveries, and the 264 km2 Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine. Ghana is an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.For additional information, please visit our website at www.pelangio.com, or contact:Ingrid Hibbard, President and CEOTel: 905-33...