Loncor Gold Closes Private Loans

Finance


/Excluded from distribution America NEWSWIRE service or usa/

Toronto, May 5, 2023 /CNW/ – Loncor Gold (“Longcor” or “company“) (TSX: LN) (OTCQX: LONCF) (FSE: LO51) May 4, 2023 and April 5, 2023 Press release, it closed its balance Cdn$2,160,000 Private placement loans without intermediaries (“loan“), including such balances (“unit“) at the price of Cdn$0.40 per unit of total revenue of $1,386,000Each unit consists of one share of our common stock and one warrant to purchase our common stock, and each warrant holder may acquire one share of our common stock at the exercise price. Cdn$0.60 Twenty-four (24) months from the cut-off date for issuance of units. The Company intends to use the proceeds of the loan for general corporate purposes and working capital.

Loncore Gold logo (CNW Group/Loncore Gold)

Loncore Gold logo (CNW Group/Loncore Gold)

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall it constitute a sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This security has not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Law“), or any state securities law usa It cannot be offered or sold in time. usa (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 registered pursuant to an exemption from such registration requirements.

About Loncor Gold
Loncor is a Canadian gold prospecting company focused on the Nayu Greenstone Gold Belt in northeastern Canada. Democratic Republic of the Congo (“Democratic Republic of the CongoThe Loncor team has over 20 years of operating experience in the DRC. Loncor’s growing resource base in the Ngayu belt now consists of the Imbo and Makapela projects. In the Imbo project, the Adumbi deposit holds his 1.88 million mineral resources. ounce of gold (28.185 million tonnes grading 2.08 g/t gold) and the Adumbi deposit and two adjacent deposits contain 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t gold). tonnes) of estimated mineral resources. Following drilling programs undertaken by the Company at the Adumbi Deposit in 2020 and 2021, the Company completed a Preliminary Economic Assessment (“PEA”) for his Adumbi Deposit and in December he announced the results of the PEA. . 2021. The Macappella Project (100% owned by Loncor and located approximately 50 kilometers from the Imbo Project) exhibits a Mineral Resource of 614,200 ounces of gold (2.2 million tons, grade of 8.66 g/t Au), There are deduced minerals. Gold resources of 549,600 oz (3.22 million tonnes grading 5.30 g/t Au).

Additional information about Loncor and its projects can be found on Loncor’s website at www.loncor.com.

qualified person
Peter N. CowleyThe President of Loncor, a “Qualified Person” as defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

technical report
Additional information regarding our Adumbi deposits (and our other assets within the Imbo project) can be found in New SENET (Pty) Ltd and Minecon Resources and Services Limited technical reports. December 15, 2021 and entitled “Preliminary Economic Evaluation of the Adumbi Deposit in NI 43-101” Democratic Republic of the CongoCopies of the report are available from SEDAR (www.sedar.com) and EDGAR (www.sec.gov).

Additional information regarding our Macappella Project and certain of our other assets in the Ngayu Gold Belt can be found in the Venmyn Rand (Pty) Ltd Technical Report. May 29, 2012 Entitled, “Oriental Province, Latest National Instrument 43-101 Independent Technical Report on Gayu Gold Project Democratic Republic of the CongoCopies of the report are available from SEDAR (www.sedar.com) and EDGAR (www.sec.gov).

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that we believe, anticipate, or anticipate will occur or may occur in the future. Resource Estimates, Potential Mineral Resource Growth, Mineralization Potential, Future Exploration and Development) are forward-looking information. This forward-looking information reflects our current expectations or beliefs based on the information currently available to us. Forward-looking information is subject to a number of risks and uncertainties that could cause our actual results to differ materially from those set forth in the forward-looking information. There is no guarantee that they will have the expected results or impact on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration (including drilling) or development results may not match the company’s expectations. .continued spread of Widespread outbreak of respiratory illness caused by new strain of coronavirus (“COVID-19”), our ability to secure additional financing; risks associated with the exploration phase of our assets; uncertainty regarding the availability and cost of future required financing; Mineral resource figures are estimates (there is no guarantee that the indicated levels of gold will be produced), changes in the global gold or stock market, the political climate in the Democratic Republic of the Congo, and the amount of gold recovered to date. less than indicated by metallurgical tests performed in (possibly).There is no guarantee that gold recovery in small lab tests will be replicated in large scale tests under field conditions or in production), exchange rate fluctuations, inflation, regulations affecting company operations changes in acquisitions, delays or failures to acquire required project approvals, uncertainties associated with the interpretation of drilling results and other geological data; Other Risks Disclosed Elsewhere March 31, 2023 Filed with SEDAR (www.sedar.com) and EDGAR (www.sec.gov). Forward-looking information speaks only as of the date it was provided, and except as required by applicable securities laws, we do not make forward-looking statements, whether as a result of new information or otherwise. disclaims any intention or obligation to update information about future event, outcome, or otherwise. Although we believe that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and is therefore subject to inherent uncertainties. , undue reliance should not be placed on such information.

SOURCE Roncor Gold Co., Ltd.

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