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Private Placement: Loncor Gold (TSX:LN)

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Loncor Gold is looking to raise gross proceeds of up to $4.9 million from the placement of up to 7 million units priced at $0.70 per unit. The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.95 for 12 months.

Additional Information:

Company: Loncor Gold
Website: http://www.loncor.com
Stock Symbol: TSX: LN
Date Published: Jun 28, 2021
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Loncor Gold has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $4.9 million from the placement of up to 7 million units priced at $0.70 per unit.

The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.95 for 12 months.

The shares are currently trading at $0.70.

Net proceeds will be used for continued exploration and development of the Imbo Project, including additional drilling and funding of a Preliminary Economic Assessment, and for general corporate purposes.

Loncor is a Canadian gold exploration company focussed on projects within a 3,500 square kilometer area on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo.

The DRC Archean greenstone belts are an extension of the prolific northern Tanzanian belts developed between 1990 and 2010.

The Loncor team has over two decades of experience of operating in the DRC.

Loncor’s growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects.

At the Imbo Project, the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 3,466,000 ounces of gold with 42,996,000 tonnes grading 2.51 grams per tonne gold, with 84.68% of this resource being attributable to Loncor.

The company’s focus continues to be at its 3,150,000 ounce Adumbi deposit, with 41,320,000 tonnes grading 2.37 grams per tonne gold. within the Imbo Project, where drilling is continuing to intersect the mineralized zone below the US$1,500 per ounce pit shell.

Additional drilling will also be undertaken within the Adumbi open pit shell in order to upgrade inferred resources into the indicated category and for metallurgical testwork.

Metallurgical samples will then be submitted to a laboratory in South Africa for testwork as part of the commencement of the Preliminary Economic Assessment study.

Adumbi has returned excellent deeper holes with hole LADD0009 below the proposed pit shell including 32.15 meters @ 6.17 grams per tonne gold, including 1.46 meters @94.77 grams per tonne gold and 15.36 meters at 3.73 grams per tonne gold including 5.89 meters at 6.56 grams per tonne gold from.

The 100%-owned Makapela Project, located approximately 50 kilometres from the Imbo Project, has an indicated mineral resource of 614,200 ounces of gold with 2,200,000 tonnes grading 8.66 grams per tonne gold, and an inferred mineral resource of 549,600 ounces of gold with 3,220.000 tonnes grading 5.30 grams per tonne gold.

For more information, please visit the company’s website at www.loncor.com, contact Arnold Kondrat, CEO, at 416-361-2510, or John Barker, VP Business Development, at 416-366-7300 (UK at +44 7547 159 521).

I’m Cassandra Bolinski for Investmentpitch Media