Mr. Arnold Kondrat reports
LONCOR CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING
Further to the July 9, 2020, press release, Loncor Resources Inc. has closed a first tranche of its non-brokered private placement financing for eight million common shares of the company at a price of 50 cents per offered share for gross proceeds of $4-million. The company expects to close the balance of the financing (up to two million common shares of the company at a price of 50 cents per share for gross proceeds of up to $1-million) within the next few weeks. The company intends to use the proceeds from the financing for a drill program on the Adumbi gold deposit at the company's Imbo project and for general corporate purposes. A total of 3.39 million of the offered shares were purchased by certain insiders of the company.
About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focused on the Ngayu greenstone belt in the northeast of Democratic Republic of the Congo.
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