Pelangio Exploration Secures $280,000 in Private Placement

Pelangio Exploration Inc. has announced the closure of the first tranche of its non-brokered private placement, securing gross proceeds of $280,000. This comes from the issuance of 11,200,000 units at a price of $0.025 per unit. The placement could total up to $400,000, with a second and final round expected near October 16, 2024.

Each unit consists of one common share and one warrant, allowing the purchase of another share at $0.05, valid for three years. Securities from this tranche are under a mandatory hold period until February 11, 2025, pending TSX Venture Exchange approval.

This placement is not registered under the U.S. Securities Act of 1933, thus cannot be sold in the U.S. without proper registration or exemption.