BRIEF

on Pelangio Exploration Inc. (NASDAQ:PGXPF)

Pelangio Exploration Inc. Announces Initial Success in Private Placement

Pelangio Exploration Inc., operating under the market symbols TSXV:PX and OTC PINK:PGXPF, has successfully completed the first tranche of its planned $500,000 private placement, raising $113,500. The funding was garnered through the sale of 7,566,666 units at $0.015 each. These units comprise one common share and a warrant, permitting the purchase of an additional share at $0.05 until March 27, 2029.

Raymond James facilitated the transaction, earning $500 and 33,333 warrants as finder's fees, with these conditions strictly adhering to relevant securities legislation and TSX Venture Exchange policies. All the securities from this tranche will observe a statutory four-month holding period, concluding on July 28, 2024, as the effort to secure final approval from the TSX Venture Exchange continues.

The involvement of certain company insiders, contributing a combined $85,500, was noted, framing this participation as a "related party transaction." Nonetheless, the transaction did not breach Multilateral Instrument 61-101 guidelines due to the transaction's scope relative to the company's market capitalization. The offer is restricted to respective jurisdictions and complies with the U.S. Securities Act of 1933 regulations.

R. P.

Copyright © 2024 FinanzWire, all reproduction and representation rights reserved. Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.

Click here to consult the press release on which this article is based

See all Pelangio Exploration Inc. news