Ms. Ingrid Hibbard reports

PELANGIO CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING AND ANNOUNCES CHANGE OF TRANSFER AGENT

Pelangio Exploration Inc. has closed the first tranche of a non-brokered private placement of up to $500,000 announced on Sept. 11, 2023. The first tranche raised gross proceeds of $209,100 from the issuance of 6.97 million units at a price of three 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 five cents until Sept. 27, 2028.

The company paid finders' fees to Leede Jones Gable Inc. and GloRes Securities Inc. totalling $7,200 in cash and it issued 240,000 broker warrants on gross proceeds raised by eligible arm's-length parties. Each broker warrant is exercisable to acquire one common share of the company at a price of five cents per warrant on the same terms noted above. All finders' fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies.

All securities issued in this closing of the private placement are subject to statutory four-month hold periods expiring on Jan. 28, 2024. The private placement remains subject to obtaining final approval of the TSX Venture Exchange.

Certain insiders of the company participated in the Offering for an aggregate total of $113,100 in private placement. The participation by such insiders constituted a related party transaction as such term is defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).

Change of transfer agent

In other news, Pelangio announces the appointment of Odyssey Trust Company as the company's registrar and transfer agent, effective immediately. shareholders do not need to take any action with respect to the change in registrar and transfer agent services.

All inquiries and correspondence relating to the shareholder records, transfer of shares, lost certificates or change of address should now be directed to Odyssey Trust Company rather than Computershare Trust Company of Canada, which has resigned at the company's request.

About Pelangio Exploration Inc.

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa, and Canada. In Ghana, the company is focused on its two 100-per-cent-owned camp-sized properties: the 100-square-kilometre Manfo property, the site of eight near-surface gold discoveries; and the 284-square-kilometre Obuasi property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine, as well as the newly optioned Dankran property, located adjacent to its Obuasi property. In Canada, the company is currently focused in Ontario: at its newly acquired gold, silver, zinc polymetallic Kenogaming project, located 63 kilometres southwest of Timmins, its Dome West property, situated approximately 800 metres from the Dome mine in Timmins; and at its Gowan polymetallic project, located 16 kilometres east of the Kidd Creek mine.

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