/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
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TORONTO, Feb. 28, 2022 /CNW/ - Loncor Gold Inc.
("Loncor" or the "Company") (TSX: LN) (OTCQX: LONCF)
(FSE: LO51) is pleased to announce that, further to its
February 10, 2022 press release, it
has closed a non-brokered private placement of 5,650,000 units of
the Company (the "Units") at a price of Cdn$0.55 per Unit for gross proceeds of
Cdn$3,107,500 (the
"Financing"), an upsize from the Company's original
Cdn$2,750,000 Financing amount.
Each Unit consists of one common share of the Company and
one-half of one common share purchase warrant (each whole common
share purchase warrant, a "Warrant") of the Company, with
each Warrant entitling the holder thereof to acquire one common
share of the Company at an exercise price of Cdn$0.75 for a period of 24 months following the
closing date of the Financing.
The Company intends to use the proceeds from the Financing for
continued development of the Company's Adumbi and Makapela gold
deposits and for general corporate purposes.
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 Gold Inc.
Loncor is a Canadian
gold exploration company focussed on the Ngayu Greenstone Gold Belt
in the northeast of the Democratic
Republic of the Congo (the "DRC"). 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 holds an indicated mineral
resource of 1.88 million ounces of gold (28.185 million tonnes
grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring
deposits hold an inferred mineral resource of 2.090 million
ounces of gold (22.508 million tonnes grading 2.89 g/t Au),
with 84.68% of these resources being attributable to Loncor.
Loncor has been carrying out a drilling program at the Adumbi
deposit with the objective of outlining additional mineral
resources. The Makapela Project (which is 100%-owned by
Loncor and is located approximately 50 kilometres from the Imbo
Project) 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).
Additional information with respect to Loncor and its projects
can be found on Loncor's website at www.loncor.com
Qualified Person
Peter 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 Reports
Additional information with respect to the Company's Adumbi deposit
(and other properties of the Company within its Imbo Project) is
contained in the technical report of New SENET (Pty) Ltd and
Minecon Resources and Services Limited dated December 15, 2021 and entitled "NI 43-101
Preliminary Economic Assessment of the Adumbi Deposit in the
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.
Additional information with respect to the Company's Makapela
Project, and certain other properties of the Company in the Ngayu
gold belt, 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.
Cautionary Note Concerning Forward-Looking
Information
This 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 proposed use of proceeds from the
Financing, mineral resource estimates, potential mineral resource
increases, potential mineralization, future exploration and
development) 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, the possibility that future exploration (including
drilling) or development results will not be consistent with the
Company's expectations, the possibility that drilling programs will
be delayed, activities of the Company may be adversely impacted by
the continued spread of the widespread outbreak of
respiratory illness caused by a novel strain of the coronavirus
("COVID-19"), including the ability of the
Company to secure additional financing, risks related to the
exploration stage of the Company's properties, uncertainties
relating to the availability and costs of financing needed in the
future, 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, 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 March 31, 2021 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.
SOURCE Loncor Gold Inc.
