Loncor Gold closes $267-million going private deal

Executive Summary

• Loncor Gold Inc. has closed its going private transaction with Chengtun Gold Ontario Inc., an affiliate of Chengtun Mining Group Co. Ltd.
• The purchaser acquired all issued and outstanding common shares of Loncor Gold at a price of $1.38 per share.
• Following the transaction, Loncor shares will be delisted from the TSX, Frankfurt Stock Exchange, and OTCQX, and the company has applied to cease being a reporting issuer in Canada.

Key Details

• Transaction Structure: Going private transaction via arrangement agreement.
• Acquirer: Chengtun Gold Ontario Inc. (affiliate of Chengtun Mining Group Co. Ltd.).
• Consideration: $1.38 per common share.
• Total Shares Acquired: 183,660,846 shares (representing 100% of issued and outstanding shares).
• Pre-Transaction Holdings: The purchaser held or exercised control over nil securities immediately prior to completion.
• Post-Transaction Holdings: The purchaser owns all 183,660,846 shares.
• Delisting: Shares delisted from TSX, Frankfurt Stock Exchange, and OTCQX Market.
• Regulatory Status: Company applied to cease being a reporting issuer in applicable Canadian jurisdictions.
• Governance Changes: All previous directors resigned; Shing Yip Iu was elected as a director.
• Disclosure: An early warning report containing additional information will be filed with securities regulators.

Notable Quotes

• None provided in the text.