news out TORONTO, ON / ACCESSWIRE / January 24, 2019 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has arranged for a $150,000 Flow-Through Financing. The Company intends to undertake a non-brokered flow-through private placement consisting of approximately 566,038 common shares issued on a "flow-through" basis (the "FT Shares") at a price of $0.265 per share to raise gross proceeds of up to $150,000 (the "Offering").
The shares issued under the Offering will be subject to a four-month and one day hold period and will not be sold in the United States. The Company will pay a cash finder's fee equal to 5% of the proceeds raised.
Closing of the Offering is anticipated to occur on or before January 31, 2019, and is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.
The FT Shares will qualify as "flow-through shares" (within the meaning of the Income Tax Act (Canada)). The gross proceeds of the Offering will be primarily used to incur qualifying Canadian Exploration Expenses (the "Qualifying Expenses") on the Company's Dome West property strategically located approximately 800 metres west of the Dome Mine open pit, in the city of Timmins, Ontario, and on our other Ontario properties. The Qualifying Expenses are to be incurred by no later than December 31, 2020 for renunciation to investors in the Offering effective December 31, 2019.
Neither 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.
About Pelangio
Pelangio acquires and explores large land packages in world-class gold belts in Canada and Ghana, West Africa. In Canada, the company is focusing on the Dome West property located 800 metres from the Dome Mine in Timmins, the 25 km2 Birch Lake Property located in the Red Lake Mining District and the Dalton Property located 1.5 km from the Hollinger Mine in Timmins. In Ghana, the Company is focusing on two 100% owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent 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. Ghana is an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.
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
Read more at https://www.stockhouse.com/news/press-releases/2019/01/24/pelangio-exploration-arranges-150-000-flow-through-financing#tDDRKCIQ7uKVJWIq.99