Loncor Gold Inc. (TSX:LN, OTCQX:LONCF) told investors it has closed the first tranche of its non-brokered private placement financing for 1,935,000 units of the company at C$0.40 each, raising gross proceeds of C$774,000.
The company said each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to an additional share at an exercise price of C$0.60 for 24 months following the closing date of the issuance of the units.
Loncor said it expects to close the balance of the financing of up to 2,065,000 units at C$0.40 each for gross proceeds of up to C$826,000 shortly, with the proceeds intended for general corporate purposes and working capital.
It said the securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the US and may not be offered or sold within the US unless registered under the US Securities Act and applicable state securities laws or under an exemption from such registration requirements.
Loncor is a Canadian gold exploration company focused on the Ngayu greenstone gold belt in the northeast of the DRC.
Contact the author at stephen.gunnion@proactiveinvestors.com