Pelangio Exploration Announces First Tranche Closing of Private Placement for Gross Proceeds of $3,462,600

Executive Summary

• Pelangio Exploration Inc. closed the first tranche of its upsized non‑brokered private placement, issuing 19,236,668 common shares at $0.18 per share for gross proceeds of approximately $3.46 million.
• The offering size was increased to a target of $4.5 million, up from the originally announced $4.0 million.
• Finder fees of $183,402 in cash and 1,018,901 non‑transferable warrants were paid to Clarus Securities Inc. and Ventum Financial Corp.; each warrant allows purchase of one common share at $0.18 for 24 months.

Key Details

• Shares Issued: 19,236,668 common shares
• Price per Share: $0.18
• Gross Proceeds: ~ $3,462,600 (first tranche)
• Offering Upsized: Target increased from $4,000,000 to $4,500,000 (announced Sep 24 2025)
• Unit Structure: Each unit = 1 common share + ½ warrant; whole warrant = right to purchase 1 common share at $0.31 for two years from closing.
• Finder Fees Paid:
• Cash: $183,402 (aggregate)
• Warrants: 1,018,901 non‑transferable finder warrants (exercise price $0.18, term 24 months)
• Hold Period: Shares subject to a four‑month and one‑day hold period per Canadian securities laws and TSX‑V policies.
• Regulatory Conditions: Closing remains subject to final approval by the TSX Venture Exchange; securities not registered under U.S. Securities Act.

Notable Quotes

(No executive quotes were included in the release.)