This News Release is Intended for Distribution in Canada Only and is not Intended for Distribution to United States
Newswire Services or Dissemination in the United States
TORONTO, ON / ACCESSWIRE / December12, 2018 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) ("Pelangio" orthe
"Company") ispleased to announce that it has arranged for a $50,000 Flow-Through Financingand that it has extended the
closing of its non-brokered private placementannounced November 12, 2018 (the "Private Placement").
Flow-Through Financing
The Company intends to undertake anon-brokered flow-through private placement consisting of approximately 277,778flow-through
shares (the "FT Shares ") at a price of $0.18 per share toraise gross proceeds of up to $50,000 (the
"Offering").
The shares issued under the Offeringwill be subject to a four-month and one day hold period and will not be sold inthe United
States. The Company will pay a cash finder's fee equal to 8% of theproceeds raised, and will issue non-transferable common share
purchase warrants("Finder Warrants") of the Company equal to 8% of the number of common sharessold. Each Finder Warrant entitles
the holder to purchase one common share ofthe Company at a price of $0.20 per share prior to two years from the initial
closingdate.
Closing of the Offering is anticipatedto occur on or before December 31, 2018 and is subject to customary closingconditions
including, but not limited to, receipt of applicable regulatoryapprovals, 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)). Thegross proceeds of the
Offering will be primarily used to incur qualifyingCanadian Exploration Expenses (the "Qualifying Expenses") on the Company'sDalton
property strategically located approximately 1.5 kilometres south westof the historic Hollinger Gold Mine, near the city of
Timmins, Ontario, or onthe other Ontario properties recently acquired with the acquisition of 2522962Ontario Inc. (5SD Capital).
The Qualifying Expenses are to be incurred by nolater than December 31, 2019 for renunciation to investors in the Offeringeffective
December 31, 2018.
Extension of Private Placement
The Company alsoannounces that it has extended the closing of its non-brokered privateplacement. The private placement will be
for up to 4,500,000units of the Company at a price of $0.15 per unit for gross proceeds of up to$675,000 (the "Private Placement"),
is on-going, and expected to completed onor before January 11, 2019. Each unit consists of one common share of theCompany (a
"Common Share") and one Common Share purchase warrant ("Warrant").Each Warrant entitles the holder to purchase one Common Share at
a price of$0.20 for a period of two years from the initial closing date of the PrivatePlacement.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSX
VentureExchange) accepts responsibility for the adequacy or accuracy of this release.
Thispress release shall not constitute an offer to sell or the solicitation of anoffer to buy, nor shall there be any sale
of the securities in anyjurisdictions in which such offer, solicitation or sale would be unlawful. Anyoffering made will be
pursuant to available prospectus exemptions andrestricted to persons to whom the securities may be sold in accordance with thelaws
of such jurisdictions, and by persons permitted to sell the securities inaccordance with the laws of such jurisdictions.
About Pelangio
Pelangio successfully acquires andexplores camp-sized land packages in world-class gold belts. The Companyprimarily operates in
Ghana, West Africa, an English-speaking, common lawjurisdiction that is consistently ranked amongst the most favourable
miningjurisdictions in Africa. The Company is exploring three 100%-owned camp-sizedproperties: the 100 km2 Manfo Property, the site
of seven recentnear-surface gold discoveries, the 264 km2 Obuasi Property, located4 km on strike and adjacent to AngloGold
Ashanti's prolific high-grade ObuasiMine and the early-stage 159 km2 Akroma Properties, which includesthe Dormaa and Wamfie
concessions.
For additional information, please visitour website at www.pelangio.com, follow us on Twitter @PelangioEx or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free:1-877-746-1632 / Email: info@pelangio.com
ForwardLooking Statements
Certain statements herein may containforward-looking statements and forward-looking information within the meaningof
applicable securities laws. Forward-looking statements or information appearin 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 certainactions,
events or results "may", "could", "would", "might" or "will" be taken,occur or be achieved. Forward-looking statements and
information includestatements regarding the Private Placement generally, the proposed use ofproceeds and the Company's exploration
plans. With respect to forward-lookingstatements and information contained herein, we have made numerous assumptions,including
assumptions about our ability to close additional tranches of thePrivate Placement in a timely manner, if at all, and the state of
the equitymarkets. 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 differentfrom any future
results, performance or achievements expressed or implied bysuch forward-looking statement or information. Such risks include the
abilityof the Company to meet the conditions of closing, our ability to conduct ourexploration programs as planned, our ability to
spend the proceeds of theflow-through financing by December 31, 2019, and that the expenditure of theproceeds of the flow-through
financing will not be considered Qualifying Expenses,changes in equity markets, share price volatility, volatility of global
andlocal economic climate, gold price volatility, political developments in Ghana,increases in costs, exchange rate fluctuations,
speculative nature of goldexploration and other risks involved in the gold exploration industry. See theCompany's annual and
quarterly financial statements and management's discussionand analysis for additional information on risks and uncertainties
relating tothe forward-looking statement and information. There can be no assurance that aforward-looking statement or information
referenced herein will prove to beaccurate, as actual results and future events could differ materially fromthose anticipated in
such statements or information. Also, many of the factorsare beyond the control of the Company. Accordingly, readers should not
placeundue reliance on forward-looking statements or information. We undertake noobligation to reissue or update any
forward-looking statements or informationexcept as required by law. All forward-looking statements and informationherein are
qualified by this cautionary statement.
SOURCE:Pelangio Exploration Inc.
