Proactive Investors - Loncor Gold Inc (TSX:LN) said it has increased the size of its previously announced non-brokered private placement financing by up to C$560,000, with the intention of now raising gross proceeds of up to C$2.16 million by issuing 5.4 million company units at a price of C$0.40 per unit.
The Canadian gold explorer said it intends to use the proceeds from offering for general corporate purposes and working capital.
Each unit of the private placement consists of one company common share plus one common share purchase warrant, with each warrant entitling the holder to acquire one Loncor Gold common share at an exercise price of C$0.60 for a period of 24 months following the closing date of the issuance of the units.
Loncor noted that closing of the upsized portion of the financing is subject to receipt of all necessary approvals, including board and Toronto Stock Exchange approvals.
Loncor Gold is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (DRC).