Loncor Gold Inc. (TSX:LN) (OTC:LONCF) revealed a private placement of up to 5 million units at C$0.50/unit for gross proceeds of up to C$2.5 million.
Each unit consists of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder to acquire one common share at an exercise price of C$0.75 for 24 months following the closing date of the financing.
Loncor Gold intends to use the proceeds from the financing for the continued development of its Adumbi and Makapela gold deposits and general corporate purposes.
Price Action: LN shares are trading higher by 15.56% at C$0.52 on TSX and LONCF higher by 7.11% at $0.41 on the last check Friday.
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