12:21 PM EDT, 05/23/2025 (MT Newswires) -- Loncor Gold ( LONCF ) on Friday said it closed a best-efforts private placement that raised C$9.4 million, including the full exercise of the agent's option for gross proceeds of C$1.4 million.

The company said it sold around 17.1-million share units priced at C$0.55 each. Each unit is made up of a share and one half of a three-year warrant to buy a second share ofC$0.80.

The company plans to use the proceeds for the continued exploration and advancement of the its Imbo Project located in the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo, as well as for general corporate purposes.

Loncor Gold ( LONCF ) shares were last seen down $0.01 to $0.68 on the Toronto Stock Exchange.

Price: 0.68, Change: -0.01, Percent Change: -1.45