Non-brokered deal sells 67 million shares at C$0.015, a 50% discount
By Devika Patel
Knoxville, Tenn., Feb. 9 – Loncor Resources Inc. said it will conduct a C$1.01 million non-brokered private placement of stock.
The company will sell 67 million common shares at C$0.015 apiece, a 50% discount to the Feb. 8 closing share price of C$0.03.
President, chief executive officer and director Arnold Kondrat will buy 60 million shares for C$900,000.
Proceeds will be used to repay C$825,000 of short term, non-interest bearing loans provided by Kondrat; and pay corporate and public company costs for the next six months.
Kondrat has also agreed to provide a C$240,000 line of credit.
Loncor is a Toronto gold exploration company.
| Issuer: | Loncor Resources Inc.
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| Issue: | Common shares
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| Amount: | C$1,005,000
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| Shares: | 67 million
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| Price: | C$0.015
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| Warrants: | No
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| Agent: | Non-brokered
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| Investor: | Arnold Kondrat (for C$900,000)
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| Pricing date: | Feb. 9
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| Stock symbol: | Toronto: LN
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| Stock price: | C$0.03 at close Feb. 8
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| Market capitalization: | C$3.38 million
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