Pelangio Exploration

Reminder of July 6, 2015 Deadline for Expressions of Interest by Investors Participating Through the Existing Shareholder Exemption for the Private Placement Financing

TORONTO, ONTARIO--(Marketwired - July 3, 2015) -

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 an amendment to its previously announced non-brokered private placement of up to 36,666,667 units of the Company at a price of $0.03 per unit for gross proceeds of up to $1,100,000 (the "Private Placement"). The minimum amount of gross proceeds to be raised under the Private Placement is $400,000 or 13,333,333 units. 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").

In response to requests from shareholders, the Private Placement is amended to provide that the minimum subscription amount will be reduced from $5,000 to $2,250 for investors participating through the existing securityholders prospectus exemption available under OSC Rule 45-501 - Ontario Prospectus and Registration Exemptions and equivalent provisions of other applicable securities laws (the "Existing Shareholder Exemption").

Pelangio also reminds investors interested in participating under the Existing Shareholder Exemption that in order to participate under that exemption, expressions of interest must be received by the company by the close of business on July 6, 2015. If you are an existing shareholder of the Company who held Common Shares as of June 23, 2015 and who is interested in participating in the Private Placement, you should contact the Company by email at [e-mail] or by telephone at 905-336-3828.

The closing of the Private Placement may occur in one or more tranches, with the initial closing date of the Private Placement expected to occur on or about July 28, 2015, subject to receipt of a minimum of $400,000 in subscriptions. Closing is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. The securities issued pursuant to the Private Placement, including securities issued to investors participating through the Existing Shareholder Exemption, 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 7,333,333 units.