An anonymous director reports

PELANGIO CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING

Pelangio Exploration Inc. has closed the second tranche of a non-brokered private placement. The first and second tranches raised gross proceeds of $351,600 from the issuance of 11,719,999 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, for the first tranche and Feb. 27, 2024, for the second tranche. 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 the 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).

About Pelangio Exploration Inc.

Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa and Canada. In Ghana, the company is exploring its two 100-per-cent-owned, camp-sized properties: the 100-square-kilometre Manfo property, the site of seven 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 its 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 and at its Gowan polymetallic project, located 16 kilometres east of the Kidd Creek mine.

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