- Loncor Gold issued 7,850,000 units at a price of $0.70 per unit for gross proceeds of $5,495,000
- The offering was upsized from the company’s initial target of $4,900,000
- Net proceeds will finance continued exploration and development of the Imbo Project
- Loncor Gold is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the Democratic Republic of the Congo
- Loncor Gold Inc. (LN) opened trading at C$0.67 per share
Loncor Gold (LN) issued 7,850,000 units at $0.70 per unit for gross proceeds of $5,495,000.
The offering was upsized from the company’s initial target of $4,900,000.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $0.95 for a period of 12 months.
Net proceeds will finance continued exploration and development of the Imbo Project, including additional drilling and funding of a Preliminary Economic Assessment (PEA).
Loncor’s focus continues to be its 3.15 million ounce Adumbi deposit within the Imbo Project, where drilling is continuing. Additional drilling is also being undertaken within the Adumbi open pit shell in order to upgrade inferred resources into the indicated category. Metallurgical samples from Adumbi have been submitted for testwork as part of the commencement of the PEA study at Imbo/Adumbi.
Loncor Gold is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the Democratic Republic of the Congo.
Loncor Gold Inc. (LN) opened trading at C$0.67 per share.