News Column


August 19, 2014

ENP Newswire - 19 August 2014

Release date- 15082014 - TORONTO, Ontario - Pelangio Exploration Inc. (PX: TSX-V; PGXPF: OTC) is pleased to announce the closing of its previously announced private placement of 15,000,000 units of the Company at a price of $0.04 per unit for gross proceeds of $600,000.

Each Unit sold pursuant to the Private Placement is composed of one common share (a 'Common Share') and one-half of one common share purchase warrant (each whole purchase warrant, a 'Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.05 prior to February 15, 2016, subject to acceleration and adjustment in certain cases.

In the event that the Common Shares trade on the TSX Venture Exchange (the 'Exchange') at a volume weighted-average price of $0.075 or more for a period of at least 10 consecutive trading days subsequent to December 16, 2014, the Company shall be entitled to accelerate the exercise period to a period ending at least 30 days from the date notice of such acceleration is provided to the holders of Warrants.

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, which will include consulting fees and salaries, including to officers and other employees.

The Company will pay a finder's fee of $13,510 to certain introducing parties in respect of a portion of the proceeds of the Private Placement, subject to compliance with applicable securities legislation and TSX Venture Exchange policies.

The Private Placement 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, expiring December 16, 2014. Certain directors and/or officers of the Company are participating in the Private Placement for a total of 6,500,000 units.

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, high-grade 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


Warren Bates

Tel: 905-875-3828

Toll-free: 1-877-746-1632


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 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 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.

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.

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Source: ENP Newswire

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