Pelangio Exploration closes bought deal private placement

On October 13, 2009, Pelangio Exploration Inc. (TSX VENTURE:PX) announced the closing of its previously announced bought deal private placement and the exercise of the over-allotment option by the underwriters for gross proceeds of $7,000,030. The offering was led by Fraser Mackenzie Limited and included Clarus Securities Inc. The underwriters purchased 18,919,000 units of Pelangio on a bought deal basis at a price of $0.37 per unit pursuant to the offering.

The proceeds of the offering will be used for exploration and for general corporate purposes.

Pelangio was advised in this transaction by Fasken Martineau with a team that included Lata Casciano, Lindy Bremner and Caroline Clapham in Vancouver and Martin Fisher-Haydis in Toronto.