Loncor Gold Closes Upsized Private Placement Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, July 23, 2021 (GLOBE NEWSWIRE) -- Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce that, further to its June 28, 2021 press release, it has closed a non-brokered private placement of 7,850,000 units of the Company (the "Units") at a price of Cdn$0.70 per Unit for gross proceeds of Cdn$5,495,000 (the "Financing"), an upsize of Cdn$595,000 from the Company’s original Cdn$4,900,000 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$0.95 for a period of 12 months following the closing date of the issuance of the Units.   

The Company intends to use the proceeds from the Financing for continued exploration and development of the Company’s Imbo Project, including additional drilling and funding of a Preliminary Economic Assessment ("PEA"), and for general corporate purposes.

The Company’s focus continues to be at its 3.15 million ounce (41.32 million tonnes grading 2.37 g/t Au) Adumbi deposit within the Imbo Project, where drilling is continuing to intersect the mineralized zone below the US$1,500 per ounce pit shell. Additional drilling is also being undertaken within the Adumbi open pit shell in order to upgrade inferred resources into the indicated category. As well, metallurgical samples from Adumbi have been submitted to a laboratory in South Africa for testwork which is being overseen by SENET as part of the commencement of the PEA study at Imbo/Adumbi.

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.