Source: Loncor Gold.
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  • Loncor Gold (LN) has announced private placement financing for C$4.9 million
  • Loncor will sell up to 7,000,000 units through the non-brokered offering priced at C$0.70 per unit
  • The company intends to use the proceeds for continued exploration and development of its Imbo Project
  • This includes a preliminary economic assessment, drilling for metallurgical test work and upgrading inferred resources into the indicated category
  • Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo
  • Loncor Gold (LN) closed down 1.37 per cent trading at $0.72 per share

Loncor Gold (LN) has announced private placement financing for C$4.9 million.

The company will sell up to 7,000,000 units through the non-brokered offering priced at C$0.70 per unit.

Each unit consists of one Loncor common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to acquire one Loncor common share for C$0.95 for one year following the closing.

Certain Loncor insiders have agreed to purchase up to 15 per cent of the units.

The company intends to use the proceeds for continued exploration and development of its Imbo Project, including additional drilling and funding of a preliminary economic assessment.

Loncor continues to focus on the 3.15 million ounce Adumbi Deposit within the Imbo Project, where drilling is continuing to intersect the mineralized zone below the US$1,500 per ounce pit shell.

The company plans to undertake drilling for metallurgical test work and to upgrade inferred resources into the indicated category.

Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo.

Loncor Gold (LN) closed down 1.37 per cent trading at $0.72 per share.

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