Pelangio Exploration Inc announced a non-brokered private placement to issue 33,333,333 units at a price of CAD 0.015 per Unit for a gross proceeds CAD 499,999.995 on February 28, 2024. Each unit consists of one common share of the company and one Common Share purchase warrant. Each whole Warrant entitles the holder to purchase one common share at a price of CAD 0.05 for a period of five years from the initial closing date of the Offering.

The closing of the Offering may occur in one or more tranches, with the initial closing date of the Offering expected to occur on or around March 30, 2024 and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX-V policies. The Offering is open to participation by insiders.

The Offering is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.