- 1st tranche of $4M
- Insiders Participating
- Expected to Close Further $1M
Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that, further to its January 22, 2021 press release, it has closed a first tranche of its non-brokered private placement financing (the “Financing“) for 8,000,000 units of the Company (the “Units”) at a price of Cdn$0.50 per Unit for gross proceeds of Cdn$4,000,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant“) of the Company, with each Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of Cdn$0.75 for a period of 12 months following the closing date of the Financing. A total of 1,400,000 of the Units were purchased by insiders of the Company. The Company expects to close the balance of the Financing (up to 2,000,000 Units at a price of Cdn$0.50 per Unit for gross proceeds of up to Cdn$1,000,000) next week.
The Company intends to use the proceeds from the Financing for continued exploration and development of the Company’s Imbo Project (including finalizing the current drill program at the Adumbi gold deposit and, following this program, undertaking a Preliminary Economic Assessment of Adumbi and its neighbouring deposits) and for general corporate purposes.
Tags: #Assay, #Barrick, #Congo, #Crescat, #Discovery, #DRC, #Drilling, #leadership, #Loncor