Loncor Resources closes $10.2 million equity financing
Client
GMP Securities L.P.
Date
February 18, 2010
On February 18, 2010, Loncor Resources Inc. (TSX-V: "LN") announced that it had completed its previously announced brokered equity financing. Loncor issued under this financing, by way of private placement, 8,166,500 units of the company at a price of $1.25 per unit for aggregate gross proceeds of $10,208,125. Each unit is comprised of one common share of the company and one-half of one common share purchase warrant of the company. Each full warrant is exercisable into one additional Loncor common share at a price of $1.45 for a period of 24 months.
GMP Securities L.P. as lead agent, together with CI Capital Markets Inc. and Salman Partners Inc., acted as Loncor's agents in connection with this private placement.
GMP Securities was advised in this transaction by Fasken Martineau with a team that included Georges Dubé, Jeff Hergott and Daye Kaba, assisted by student-at-law Sebastien Kwidzinski.
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