Acquisition of Units of Pelangio Exploration Inc.

Toronto (FSCwire) - Ingrid Hibbard announces that she has purchased 2,000,000 units (the “Units”) of Pelangio Exploration Inc. (the "Company"), a TSX Venture Exchange listed company, at a price of $0.05 per Unit (or $100,000, paid in cash) pursuant to a private placement that closed on July 31, 2017.  Ms. Hibbard acquired control and ownership of the Units. The Company’s head office is located at 82 Richmond Street East, Toronto ON M5C 1P1.

Each unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.07 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 $0.14 or more per Common Share for any period of at least ten consecutive trading days after the date hereof, the Company shall be entitled to accelerate the expiry time of the Warrants to a date that is at least thirty 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.

Taking into account such private placement, the Company now has 244,458,329 Common Shares issued and outstanding. Immediately prior to the closing of the private placement, Ms. Hibbard had beneficial ownership of 20,036,912 Common Shares and 1,450,000 options to acquire 1,450,000 Common Shares, representing approximately 8.5% of the 235,538,329 Common Shares then issued and outstanding.  After giving effect to the private placement, Ms. Hibbard has beneficial ownership of 22,036,912 Common Shares, 1,450,000 options to acquire 1,450,000 Common Shares and 2,000,000 Warrants to acquire 2,000,000 Common Shares, representing approximately 10.42% of the current number of issued and outstanding Common Shares.  Accordingly, for purposes of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”), Ms. Hibbard has now increased her beneficial ownership percentage in the Common Shares by almost 2% from 8.5% to approximately 10.42% and will file, as required by National Instrument 62-104 – Take-Over Bids and Issuer Bids, the report containing the information required by section 3.1 of NI 62-103.

Ms. Hibbard acquired the Units for investment purposes and may in the future increase or decrease her ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.

Ms. Hibbard is the President and Chief Executive Officer, and a director of the Company. Ms. Hibbard’s address is Suite 405, 33 University Avenue, Toronto, Ontario, M5J 2S7.

For further information, please contact:

Ingrid Hibbard

 Phone 905-336-3828

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