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Loncor closes US$20 million private placement financing

Fasken
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Agents led by GMP Securities L.P.

On February 1, 2011, Loncor Resources Inc. (TSX-V: "LN") announced that it had completed its previously announced "bought deal" private placement equity financing, in which Loncor issued 8,500,000 common shares of the company for aggregate gross proceeds of $19,975,000. The financing was conducted by GMP Securities L.P. as lead underwriter, together with Cormark Securities Inc. and Raymond James Ltd.Loncor is a gold exploration company with two projects in the Democratic Republic of the Congo. Fasken Martineau represented the agents in this transaction with a team that included Georges Dubé and Michael Shour (corporate/securities), with the assistance of student-at-law, Jeffrey Gebert, in the Toronto office. Dimitri Cavvadas and Mutoba Mpinga of the Johannesburg office assisted with respect to land title issues.

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