Pelangio Exploration Announces Receipt of $1,395,933 in Proceeds from Warrant Exercise

Rhea-AI Summary

Pelangio Exploration (TSXV: PX; OTC: PGXPF) announced it received gross proceeds of $1,395,933.35 on December 23, 2025 from the exercise of 27,918,667 common share purchase warrants at an exercise price of $0.05 per warrant.

The company issued 27,918,667 common shares upon exercise and said it intends to apply the proceeds to advancing its Ghana and Canadian project portfolios and for general working capital and corporate purposes.

Positive

• $1,395,933.35 gross proceeds raised
• Issued 27,918,667 common shares to exercising warrant holders
• Proceeds earmarked to advance Ghana and Canadian projects and working capital

Negative

• Shareholder dilution from issuance of 27,918,667 new shares

Toronto, Ontario--(Newsfile Corp. - December 23, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) ("Pelangio" or the "Company") announces that it has received gross proceeds of $1,395,933.35 from the exercise of 27,918,667 common share purchase warrants at an exercise price of $0.05 per warrant. The Company issued 27,918,667 common shares upon exercise of these warrants.

The Company intends to apply the proceeds to advancing its projects and for general working capital and corporate purposes. This includes continued work across its Ghana and Canadian portfolios.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

About Pelangio

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of eight near-surface gold discoveries, and the 284 km2 Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as the Dankran property located adjacent to its Obuasi property.

For additional information, please visit our website at www.pelangio.com, or contact:

Ingrid Hibbard, President and CEO
T: 905-336-3828 // E: info@pelangio.com

Forward-Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the ability of the Company to conduct our exploration programs as planned, changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, increases in costs, exchange rate fluctuations, speculative nature of gold exploration and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement. Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278933

FAQ

How much did Pelangio (PGXPF) raise from warrant exercises on December 23, 2025?

Pelangio raised $1,395,933.35 from the exercise of warrants on December 23, 2025.

How many shares did Pelangio (TSXV: PX) issue after the warrant exercises?

The company issued 27,918,667 common shares upon exercise of the warrants.

What was the exercise price per warrant for Pelangio (PGXPF)?

The warrants were exercised at an exercise price of $0.05 per warrant.

How will Pelangio (PX) use the $1.396M in proceeds from the warrant exercises?

The company intends to apply the proceeds to advancing its Ghana and Canadian projects and for general working capital and corporate purposes.

Does the TSX Venture exchange accept responsibility for this Pelangio (PGXPF) announcement?

Neither TSX-V nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the release.