Pelangio Exploration Inc. announced a non-brokered private placement of 20,000,000 units at issue price of CAD 0.03 per unit for gross proceeds of CAD 600,000 on October 21, 2022. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of CAD 0.05 for a period of 3 years from the closing date of the offering.

The transaction will include participation from insiders for approximately 15% of the offering. The transaction is subject to customary closing conditions including receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The company will pay finders fees of 7% of cash and 7% warrants.

The transaction will close in one or more tranches, with the initial closing date of the offering expected to occur on or around October 31, 2022. The securities are subject to a hold period of four-month-and-one-day from the closing of the transaction.