PX Pelangio Exploration Inc

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES.


Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCQB:PGXPF) ("Pelangio" or the
"Company") announces a non-brokered private placement of up to 15,000,000 units
of the Company at a price of $0.04 per unit for gross proceeds of up to $600,000
(the "Private Placement"). Each Unit will consist of one common share (a "Common
Share") and one-half of one common share purchase warrant (each whole purchase
warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase
one Common Share at a price of $0.05 for a period of 18 months from the closing
date of the Private Placement (the "Closing Date"). 


The proceeds of the Private Placement will be used for continued exploration at
our Ghana properties, including up to 3,000 metres of air core and reverse
circulation drilling, and for general working capital purposes. 


The Company may pay a finder's fee of up to 7% to certain introducing parties on
some of the proceeds in respect of the Private Placement, subject to compliance
with applicable securities legislation and TSX Venture Exchange policies. The
closing date of the Private Placement is expected to occur on or about August
15, 2014 and is subject to receipt of all necessary regulatory approvals,
including the TSX Venture Exchange. The securities issued pursuant to the
Private Placement will be subject to a four month hold period in accordance with
applicable Canadian securities laws. Certain directors and/or officers of the
Company are expected to participate in the Private Placement for a total of up
to 7,000,000 units.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdictions in which such offer, solicitation or sale would be unlawful. Any
offering made will be pursuant to available prospectus exemptions and restricted
to persons to whom the securities may be sold in accordance with the laws of
such jurisdictions and by persons permitted to sell the securities in accordance
with the laws of such jurisdictions. 


About Pelangio 

Pelangio successfully acquires and explores camp-sized land packages in
world-class goldbelts, while using innovative corporate restructuring to
maximize shareholder value. The Company primarily operates in Ghana, West
Africa, an English-speaking, common law jurisdiction that is consistently ranked
amongst the most favourable mining jurisdictions in Africa. The Company is
exploring three 100%-owned camp-sized properties: the 100 km2 Manfo Property,
the site of seven recent near-surface gold discoveries, the 264 km2 Obuasi
Property, located four kilometres on strike and adjacent to AngloGold Ashanti's
prolific, highgrade Obuasi Mine, which has produced over 30 million ounces of
gold since 1897, and the early-stage 159 km2 Akroma Property.


For additional information, please visit our website at www.pelangio.com, follow
us on Twitter @PelangioEx.


Forward Looking Statements 

Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
Forward-looking statements or information appear in a number of places and can
be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate" or "believes" or variations of
such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements and information include statements regarding the
private placement, the proposed use of proceeds and the Company's exploration
plans and drill program. With respect to forward-looking statements and
information contained herein, we have made numerous assumptions, including
assumptions about our ability to close the private placement, and the state of
the equity markets. Such forward-looking statements and information are subject
to risks, uncertainties and other factors which may cause the Company's actual
results, performance or achievements, or industry results, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statement or information. Such risks include the
ability of the Company to meet the conditions of closing, changes in equity
markets, share price volatility, volatility of global and local economic
climate, gold price volatility, political developments in Ghana, increases in
costs, exchange rate fluctuations, speculative nature of gold exploration and
other risks involved in the gold exploration industry. See the Company's annual
and quarterly financial statements and management's discussion and analysis for
additional information on risks and uncertainties relating to the
forward-looking statement and information. There can be no assurance that a
forward-looking statement or information referenced herein will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements or information. Also, many of the factors are
beyond the control of the Company. Accordingly, readers should not place undue
reliance on forward-looking statements or information. We undertake no
obligation to reissue or update any forward-looking statements or information
except as required by law. All forward-looking statements and information herein
are qualified by this cautionary statement.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pelangio Exploration Inc.
Ingrid Hibbard
President & CEO
905-875-3828
Toll-free: 1-877-746-1632


Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828
Toll-free: 1-877-746-1632
info@pelangio.com

Pelangio Exploration (TSXV:PX)
Historical Stock Chart
From Nov 2024 to Dec 2024

Pelangio Exploration (TSXV:PX)
Historical Stock Chart
From Dec 2023 to Dec 2024