Loncor Resources Inc. ("
Loncor" or the
“
Company”) (TSX: "LN"; OTCQB: "LONCF"), a Canadian
gold exploration company with significant projects in the
Democratic Republic of the Congo, is pleased to announce a
non-brokered private placement of up to 6,000,000 common shares of
the Company (the "
Offered Shares") at a price of
Cdn$0.40 per Offered Share for gross proceeds of up to
Cdn$2,400,000. Closing of this financing (the
"
Financing") is subject to receipt of all
necessary approvals, including board and Toronto Stock Exchange
approvals. The Company intends to use the proceeds from the
Financing for general corporate purposes. Certain insiders of
the Company (including Arnold Kondrat, who is Chief Executive
Officer and the largest shareholder of Loncor, currently holding
27,523,909 (or 28.89%) of the outstanding common shares of Loncor)
have agreed to purchase a total of up to 40% of the Offered
Shares.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities
Act”), or the securities laws of any state of the United
States and may not be offered or sold within the United States (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
About Loncor Resources
Inc.Loncor is a Canadian gold exploration company focused
on two projects in the Democratic Republic of the Congo (the
“DRC”) - the Ngayu and North Kivu projects.
Both projects have historic gold production. Exploration at
the Ngayu project is currently being undertaken by Loncor’s joint
venture partner Barrick Gold Corporation through its DRC subsidiary
Barrick Gold (Congo) SARL (“Barrick”). The
Ngayu project is 200 kilometres southwest of the Kibali gold mine,
which is operated by Barrick and in 2018 produced approximately
800,000 ounces of gold. As per the joint venture agreement
signed in January 2016, Barrick manages and funds exploration at
the Ngayu project until the completion of a pre-feasibility study
on any gold discovery meeting the investment criteria of
Barrick. Subject to the DRC’s free carried interest
requirements, Barrick would earn 65% of any discovery with Loncor
holding the balance of 35%. Loncor will be required, from
that point forward, to fund its pro-rata share in respect of the
discovery in order to maintain its 35% interest or be
diluted.
Certain parcels of land within the Ngayu project
surrounding and including the Makapela and Yindi prospects have
been retained by Loncor and do not form part of the joint venture
with Barrick. Barrick has certain pre-emptive rights over
these two areas. Loncor’s Makapela prospect has an Indicated
Mineral Resource of 614,200 ounces of gold (2.20 million tonnes
grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600
ounces of gold (3.22 million tonnes grading 5.30 g/t Au).
Loncor also recently acquired a 71.25% interest in the KGL-Somituri
gold project in the Ngayu gold belt which has an Inferred Mineral
Resource of 1.675 million ounces of gold (20.78 million tonnes
grading 2.5 g/t Au), with 71.25% of this resource being
attributable to Loncor via its 71.25% interest.
Additional information with respect to Loncor
and its projects can be found on Loncor's website at
www.loncor.com.
Qualified PersonPeter N. Cowley, who is
President of Loncor and a "qualified person" as such term is
defined in National Instrument 43-101, has reviewed and approved
the technical information in this press release.
Technical ReportsCertain information with
respect to the Company’s Ngayu project is contained in the
technical report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and
entitled "Updated National Instrument 43-101 Independent Technical
Report on the Ngayu Gold Project, Orientale Province, Democratic
Republic of the Congo". A copy of the said report can be
obtained from SEDAR at www.sedar.com and EDGAR at
www.sec.gov.
Certain information with respect to the
Company’s recently acquired KGL-Somituri project is contained in
the technical report of Roscoe Postle Associates Inc. dated
February 28, 2014 and entitled "Technical Report on the Somituri
Project Imbo Licence, Democratic Republic of the Congo". A
copy of the said report, which was prepared for, and filed on SEDAR
by, Kilo Goldmines Ltd., can be obtained from SEDAR at
www.sedar.com. To the best of the Company’s knowledge,
information and belief, there is no new material scientific or
technical information that would make the disclosure of the
KGL-Somituri mineral resource included in this press release
inaccurate or misleading.
Cautionary Note to U.S.
InvestorsThe United States Securities and Exchange
Commission (the "SEC") permits U.S. mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. Certain terms are used by the Company, such as
"Indicated" and "Inferred" "Resources", that the SEC guidelines
strictly prohibit U.S. registered companies from including in their
filings with the SEC. U.S. Investors are urged to consider closely
the disclosure in the Company's Form 20-F annual report, File No.
001- 35124, which may be secured from the Company, or from the
SEC's website at http://www.sec.gov/edgar.shtml.
Cautionary Note Concerning
Forward-Looking InformationThis press release contains
forward-looking information. All statements, other than
statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation,
statements regarding the closing of the Financing and mineral
resource estimates) are forward-looking information. This
forward-looking information reflects the current expectations or
beliefs of the Company based on information currently available to
the Company. Forward-looking information is subject to a
number of risks and uncertainties that may cause the actual results
of the Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, failure to complete the proposed Financing, the need to
satisfy regulatory and legal requirements with respect to the
proposed Financing, risks related to the exploration stage of the
Company's properties, the possibility that future exploration or
development results will not be consistent with the Company's
expectations, failure to establish estimated mineral resources (the
Company’s mineral resource figures are estimates and no assurances
can be given that the indicated levels of gold will be produced),
changes in world gold markets or equity markets, political
developments in the DRC, uncertainties relating to the availability
and costs of financing needed in the future, gold recoveries being
less than those indicated by the metallurgical testwork carried out
to date (there can be no assurance that gold recoveries in small
scale laboratory tests will be duplicated in large tests under
on-site conditions or during production), fluctuations in currency
exchange rates, inflation, changes to regulations affecting the
Company's activities, delays in obtaining or failure to obtain
required project approvals, the uncertainties involved in
interpreting drilling results and other geological data and the
other risks disclosed under the heading "Risk Factors" and
elsewhere in the Company's annual report on Form 20-F dated April
1, 2019 filed on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. Forward-looking information speaks only as of
the date on which it is provided and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or
otherwise. Although the Company believes that the assumptions
inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on
such information due to the inherent uncertainty therein.
For further information, please visit our
website at www.loncor.com, or contact: Arnold Kondrat, CEO,
Toronto, Ontario, Tel: + 1 (416) 366 7300.
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