Pelangio Exploration Inc. announced a non-brokered private placement to issue 16,666,666 units at an issue price of CAD 0.03 per unit for the gross proceeds of CAD 499,999.98 on September 11, 2023. Each Unit consists of one common share and one Common Share purchase warrant. Each whole Warrant entitles the holder to purchase one Common Share at a price of CAD 0.05 for a period of five years from the initial closing date of the Offering.

The Offering is subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V. The closing of the Offering may occur in one or more tranches, with the initial closing date of the Offering expected to occur on or around September 25, 2023 and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX-V policies. The Offering is open to participation by insiders.