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Pelangio Exploration Inc. reports developments tied to gold exploration properties in Ghana, West Africa and Canada. The company acquires and explores prospective land packages, including the Manfo property, the Obuasi property near AngloGold Ashanti's Obuasi Mine, and the adjacent Dankran property.
Company news commonly covers drilling programs, mineral-project technical reports under NI 43-101, Ghana property interests, private placements, warrant exercises, stock option grants and corporate governance appointments. Updates also address capital raised for project advancement and working capital across Pelangio's Ghana and Canadian exploration portfolio.
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Pelangio Exploration Inc. (OTC PINK:PGXPF) announced a 1,000-meter diamond drilling program at its Manfo Project in Ghana, set to commence in March 2023. This program follows a successful phase in late 2021, which discovered a new gold lode in the Pokukrom West deposit, returning 3.19 g/t Au over 12 meters. The new drilling aims to explore extensions of the Pokukrom East and West deposits, as well as test a confirmed gold anomaly. The Manfo Project has a reported gold resource of 195,000 oz Indicated and 298,000 oz Inferred. The drilling is expected to take 4 to 5 weeks, with assay results anticipated shortly after.
Pelangio Exploration Inc. has successfully closed the second and final tranche of a non-brokered private placement, raising $485,000 from the issuance of 16,166,667 units at $0.03 per Unit. This follows the first tranche that raised $235,000. Each Unit consists of one common share and one warrant, with warrants priced at $0.05 until December 16, 2025. The total gross proceeds from the private placement reached $720,000. Finder's fees include $21,180 in cash and 706,000 warrants.
Pelangio Exploration Inc. (OTC PINK:PGXPF) announced plans to extend the expiration of certain outstanding warrants, subject to TSX Venture Exchange approval. The company will amend the expiration dates of approximately 14.6 million warrants to December 3, 2024, and other smaller amounts to the same date. Additionally, it has revised the terms of its option agreement for the Dankran project, increasing the final share issuance from 750,000 to 2,000,000 and altering the cash payment schedule. The changes aim to improve financial flexibility and facilitate ongoing exploration efforts.
Pelangio Exploration Inc. (OTC PINK:PGXPF) has announced an increase in its non-brokered private placement due to heightened demand, raising the total from CDN$600,000 to CDN$720,000. The Offering involves selling units at $0.03 each, with each unit composed of one common share and a warrant exercisable at $0.05 for three years. Proceeds will be allocated for general corporate purposes and working capital. The Offering is subject to a four-month hold period under Canadian securities law.
Pelangio Exploration Inc. (OTC PINK:PGXPF) has announced the closure of the first tranche of a non-brokered private placement, raising $235,000 from the issuance of 7,833,333 units at $0.03 each. Each unit includes a Common Share and a Warrant, allowing the purchase of a Common Share at $0.05 until November 1, 2025. Ingrid Hibbard, the President and CEO, purchased 1,500,000 units, qualifying as a related party transaction. The private placement remains subject to TSX Venture Exchange approval, and securities are subject to a four-month hold period.
Pelangio Exploration Inc. has entered into an earn-in agreement with Record Gold Corp. for its Grenfell gold project in Ontario. Record Gold can acquire up to an 80% interest by spending $2 million on exploration and paying $60,000 in cash over five years. Pelangio retains a 20% interest and owns about 3.87 million shares of Record Gold, offering potential share appreciation benefits. The Grenfell property has a history of gold exploration since the 1930s, with recent drilling programs indicating promising gold mineralization.