Business
Pelangio Exploration Increases Size of Previously Announced Private Placement up to $4,500,000
Toronto, Ontario--(Newsfile Corp. - September 24, 2025) - Pelangio Exploration Inc. (TSXV: PX) (...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Increases Size of Previously Announced Private Placement up to $4,500,000Toronto, Ontario--(Newsfile Corp. - September 24, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce that, due to additional demand, it has increased the size of its previously announced non-brokered private placement from gross proceeds of up to $4,000,000 to gross proceeds of up to $4,500,000 (the \"Offering\").The Offering will consist of the sale of units (the \"Units\") of the Company at a price of $0.18 per Unit. Each Unit consists of one common share of the Company (a \"Common Share\") and one half of a Common Share purchase warrant (a \"Warrant\"). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.31 for a period of two years from the initial closing date of the Offering.The Company intends to use the gross proceeds from the Offering for exploration, metallurgical work and land maintenance costs, working capital, and for general corporate purposes.The Offering is subject to customary closing conditions including, but not limited to, receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange (\"TSX-V\"). The closing of the Offering may occur in one or more tranches, with the initial closing date of the Offering expected to occur on or about October 9, 2025, and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX-V policies.The Company may pay a cash finder's fee in connection with the Offering of up to 7% of the Offering gross proceeds (the \"Finder's Fee\") and may issue to finders non-transferable common share purchase warrants of the Company (\"Finder Warrants\") to acquire that number of common shares equal to 7% of the number of Units sold to investors identified by the finders. Each Finder Warrant entitles the holder thereof to purchase one Common Share at a price of $0.18 per Common Share prior to the date which is two years from the initial closing date of the Offering.Certain insiders of the Company may participate in the Offering. Any participation by insiders in the Offering will constitut...