Toronto, Ontario (FSCwire) - Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the “Company”) is pleased to announce the closing of the final tranche of its non-brokered private placement of up to $1.2 million announced on December 6, 2017 (“Private Placement”). This tranche has raised gross proceeds of $675,000 from the issuance of 13,500,000 units (the "Units") at a price of $0.05 per Unit. This completes the total $1.2 million Private Placement for the issuance of 24,000,000 Units.

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 $0.07 until December 15, 2020.

The Company paid finder’s fees to Zuri-Invest AG totaling an aggregate of $54,000 in cash and 1,080,000 non-transferable finder’s warrants, with each such warrant entitling the holder thereof to acquire one Common Share at a price of $0.05 per share until December 15, 2020. All finders 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 May 18, 2018.  The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.

The Company intends to use the proceeds from the Private Placement to continue a planned $2,000,000 multi-phase exploration program and for working capital purposes, all as further described in the Company’s news release dated October 11, 2017.

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 jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.

About Pelangio

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts. 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 4 km on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine and the early-stage 159 km2 Akroma Properties, which includes the Dormaa and Wamfie concessions.

For additional information, please visit our website at www.pelangio.com or contact:

Ingrid Hibbard, President and CEO

Tel: 905-336-3828

Toll-free: 1-877-746-1632 Email: [email protected]