/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, May 27, 2022
/CNW/ - Loncor Gold Inc. ("Loncor" or the "Company")
(TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased to announce a
non-brokered private placement of up to 5,000,000 units of the
Company (the "Units") at a price of Cdn$0.50 per Unit for gross proceeds of up to
Cdn$2,500,000 (the
"Financing"). Each Unit will consist 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.
Closing of 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
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. Following a drilling
program carried out by the Company at the Adumbi deposit in 2020
and 2021, the Company completed a Preliminary Economic Assessment
("PEA") of the Adumbi deposit and announced the results of the PEA
in December 2021. 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 closing of the Financing, 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,
failure to complete the proposed Financing, the need to satisfy
regulatory and legal requirements with respect to the proposed
Financing, 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 information
form dated March 31, 2022 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.
SOURCE Loncor Gold Inc.
