Pelangio Exploration increases private placement to $2.221 Million

Pelangio Exploration Inc. says due to additional demand, the company has increased the size of its previously announced non-brokered private placement of hard dollar units and flow-through shares from $1,800,000 to aggregate gross proceeds of up to $2,221,000. The offering consists of the sale of HD Units, each such HD Unit comprised of one common share and one common share purchase warrant, for the price of $0.13 per HD Unit and common shares of the Company issued on a flow-through basis at a price of $0.17 per FT Share. For additional details of the Offering, please refer to the Company's press release dated November 16, 2020.

Pelangio acquires and explores world-class gold belt land packages Ghana, West Africa and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km2 Manfo Property, the site of seven near-surface gold discoveries, and the 284 km2 Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine, as well as the newly optioned Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario on its Grenfell property, located 10 km from Kirkland Lake, at its Dome West property, situated some 800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan. See www.pelangio.com for further detail on all Pelangio's properties.

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