Pelangio Exploration Announces Private Placement for Gross Proceeds of Up to $400,000 Page 1

TORONTO, ON / ACCESSWIRE / September 8, 2024 / Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce a non-brokered private placement for gross proceeds of up to $400,000 (the “Offering”). The Offering will consist of the sale of units (the “Units”) of the Company at a price of $0.025 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and one Warrant to purchase a Common Share (“Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.05 for a period of three years from the first closing date of the Offering. The Company intends to use the gross proceeds for working capital, including exploration and metallurgical work, as well as general corporate purposes, including land maintenance expenses.

The Offering is subject to customary closing conditions, including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V. The closing of the Offering may take place in one or more tranches, with the initial closing date of the Offering expected to occur on or about September 30, 2024 and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the Offering will be subject to a four-month and one-day hold period in accordance with applicable Canadian securities legislation and TSX-V policies. The Offering is open to insider participation.

The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. 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 state in which such offer, solicitation or sale would be unlawful.

About Pelangio

Pelangio acquires and explores potential land packages in world-class gold belts in Ghana, West Africa and Canada. In Ghana, the company is focusing on its two 100% camp-sized properties: the 100 km² Manfo site, the location of eight surface gold discoveries, and the 284 km² Obuasi Property, located 4km from strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi mine, as well as the Dankran Property adjacent to the Obuasi Property. See www.pelangio.com for more information on all of Pelangio’s properties.