03:25:09 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Pelangio Exploration Inc
Symbol PX
Shares Issued 235,538,329
Close 2017-07-28 C$ 0.045
Market Cap C$ 10,599,225
Recent Sedar Documents

Pelangio Exploration increases financing to $600,000

2017-08-01 10:07 ET - News Release

Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION COMPLETES INITIAL TRANCHE OF PRIVATE PLACEMENT

Pelangio Exploration Inc. has closed the first tranche of its non-brokered private placement announced July 6, 2017. The company raised a total of $446,000 for the issuance of 8.92 million units at a price of five cents per unit.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of seven cents per share until July 31, 2020. In the event that the common shares trade on the TSX Venture Exchange at a volume-weighted average price of 14 cents or more per common share for any period of at least 10 consecutive trading days after July 31, 2017, the company shall be entitled to accelerate the expiry time of the warrants to a date that is at least 30 days from the date that written notice of such acceleration is provided to the holders of the warrants by way of news release, with the new expiry time specified in such notice.

The company paid finders' fees to each of Haywood Securities Inc., PI Financial Corp. and Leede Jones Gable Inc. totalling an aggregate of $7,680 in cash and 57,600 non-transferable finder warrants, with each such warrant entitling the holder thereof to acquire one common share at a price of five cents per share until July 31, 2020, subject to acceleration as described above.

All securities issued in this tranche of the private placement are subject to a statutory hold period expiring on Dec. 1, 2017.

Each of the chief executive officer, the chief financial officer and a director of the company participated in the private placement, acquiring two million, 100,000 units and 100,000 units, respectively, which constitutes a related party transaction for purposes of Multilateral Instrument 61-101. The company has relied on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 from the valuation and minority shareholder approval requirements in MI 61-101 in respect of such officers' and director's participation in the offering, since neither the fair market value of the subject matter of, nor the fair market value of the consideration for, each of the officers' and director's investments, when aggregated together, exceeds 25 per cent of the company's market capitalization.

Due to the level of interest, the company has increased the size of the private placement up to 12 million units for gross proceeds of up to $600,000. An additional closing is expected to take place on or about Aug. 9, 2017, with any further closings to occur on or before Aug. 18, 2017. The company intends to use the proceeds from the private placement to begin the planned $2-million multiphase exploration program and for working capital purposes, all as further described in the company's news release dated July 6, 2017. Any additional proceeds above $500,000 will be used for working capital purposes.

About Pelangio Exploration Inc.

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts. The company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The company is exploring three 100-per-cent-owned camp-sized properties: the 100-square-kilometre Manfo property, the site of seven recent near-surface gold discoveries, the 264 square km Obuasi property, located four km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine and the early-stage 159 square km Akroma properties, which include the Dormaa and Wamfie concessions.

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