Pelangio Closes First Tranche of Non-Brokered Private Placement Financing and Announces Change of Transfer Agent

TORONTO, ON / ACCESSWIRE / September 27, 2023 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement of up to $500,000 announced on September 11, 2023 (the "Private Placement"). The first tranche raised gross proceeds of $209,100 from the issuance of 6,970,000 units (the "Units") at a price of $0.03 per Unit.

Each Unit consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.05 until September 27, 2028.

The Company paid finder's fees to Leede Jones Gable Inc. and GloRes Securities Inc. totaling $7,200 in cash and it issued 240,000 broker warrants ("Broker Warrant") on gross proceeds raised by eligible arm's length parties. Each Broker Warrant is exercisable to acquire one common share of the Company at a price of $0.05 per warrant on the same terms noted above. All finder's fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies.

All securities issued in this closing of the Private Placement are subject to statutory four month hold periods expiring on January 28, 2024. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.

Certain insiders of the Company participated in the Offering for an aggregate total of $113,100 in Private Placement. The participation by such insiders constituted a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company was exempt from the MI 61 101 valuation and minority approval requirements for related party transactions in connection with the Offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the Related Parties, exceeds 25% of the Company's market capitalization (as determined under MI 61-101).