Pelangio Exploration Announces Closing of Private Placement for Gross Proceeds of $1,000,000

Core Viewpoint - Pelangio Exploration Inc. has successfully closed a non-brokered private placement, raising gross proceeds of $1,000,000 through the issuance of 25,000,000 units at a price of $0.04 per unit [1][2]. Group 1: Private Placement Details - Each unit consists of one common share and one common share purchase warrant, with each warrant allowing the purchase of one common share at an exercise price of $0.05 for a period of 36 months [2]. - The company plans to utilize the gross proceeds for working capital, including exploration, metallurgical work, land maintenance costs, and up to 10% for settling non-arm's length payables [3]. Group 2: Regulatory and Compliance Information - No finder's fees are applicable for this private placement, and all securities issued are subject to a statutory four-month hold period [4]. - The private placement is pending final approval from the TSX Venture Exchange [4]. Group 3: Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich regions, specifically in Ghana and Canada, with notable properties including the Manfo and Obuasi properties in Ghana [6].