On May 27, 2020, Pelangio Exploration Inc. (“Pelangio”, or the “Company”) (TSXV: PX) announced the final closing of its non-brokered private placement offering of hard-dollar units (“HD Units”) and common shares issued on a flow-through basis (“FT shares”). Pelangio raised a total of $1,449,900 from the two tranches of this private placement.
Each HD Unit consisted of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant issued entitles the holder to purchase one Common Share. The FT Shares qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada).
Pelangio is a Canadian mineral exploration company that acquires and explores land packages in Canada and Ghana. The Company is currently focused on properties in Ontario and in Ghana.
Pelangio was represented by WeirFoulds LLP, with a team consisting of Rob Eberschlag, Aashima Singh (securities), Ryan Morris (tax) and Claire Davis (articling student).
WeirFoulds is pleased to have assisted Pelangio in the transactions.
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