Pelangio Exploration Completes Final Tranche of Flow Through Private Placement for Aggregate Gross Proceeds Of $750,000
Pelangio Exploration has completed the final tranche of a non-brokered private placement, raising a total of $275,000 through the issuance of 1,718,750 flow-through units at $0.16 each. The total proceeds from the offering amount to $750,000. Funds will support exploration and drilling at the Dome West, Gowan, and Hailstone projects. Additionally, finder's fees were paid totaling $5,250 and 32,812 non-transferrable warrants. Securities issued are subject to a hold period until October 18, 2021.
- Raised a total of $750,000 from the private placement for project funding.
- Proceeds allocated for exploration in promising regions with gold potential.
- None.
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TORONTO, ON / ACCESSWIRE / June 17, 2021 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF); ("Pelangio" or the "Company") is pleased to announce that it has closed the final tranche of the non-brokered private placement previously announced on May 21, 2021 and June 10, 2021 (the "Offering"). In this final tranche, the Company raised gross proceeds of
Each FT Unit is comprised of one common share in the capital of the Company ("Common Share") issued on a "flow-through" basis for purposes of the Income Tax Act (Canada) and one half of one Common Share purchase warrant (each whole Common Share purchase warrant a "Warrant") also issued on a flow-through basis. Each Warrant will entitle the holder thereof to purchase one Common Share at a price of
In connection with the closing of the Final Tranche, the Company paid finder's fees to Leede Jones Gable, an arm's length finder, consisting of
All securities issued in the Final Tranche of the Offering, including the Finder Warrants, are subject to a statutory hold period expiring on October 18, 2021. The Offering remains subject to final acceptance by the TSX-V.
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
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828
Toll-free: 1-877-746-1632
Email: 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 Offering generally, the proposed use of proceeds and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, receipt of final acceptance by the TSX-V and 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 changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, delays due to COVID-19 safety protocols, 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.
SOURCE: Pelangio Exploration Inc.
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FAQ
What is the total amount raised by Pelangio Exploration from the recent private placement PGXPF?
What projects will benefit from the funds raised in the offering PGXPF?
When is the hold period for securities issued in the final tranche of the offering PGXPF?