Loncor Resources Inc. (TMX-V:LN)
Completes $24 million Bought Deal with Syndicate of Underwriters – Expansion Funding Secured
January 14, 2011
Loncor Resources Inc. (‘Loncor’) has completed a bought deal with a syndicate of underwriters to raise C$19.975 million and they announced a further C$3.995 million from an un-named non-brokered investor. We are waiting on news of the identity of the non-brokered investor, but we are encouraged by the support of the financial community. This financing validates Loncor’s future exploration plans. We estimate Loncor now has $36 million in the treasury to fund continued drilling on their Ngayu prospect. Recent drill results have delivered encouraging gold discoveries from the Makapela project including 64 g/t Au over 7.19 meters (4.3 m true width) and all drills have intersected the quartz vein at shallow depths at Makapela. Combined with the recent surface channel results and the new funding, we believe Loncor will accelerate their progress.