Loncor Gold Announces Closing of C$267 Million Going Private Transaction
Loncor Gold Exits Public Markets as Chengtun Mining Completes C$267 Million Cash Takeout
The most recent news release (February 11, 2026) confirms the final closing of the "going private" transaction. Loncor Gold Inc. has been acquired by Chengtun Gold Ontario Inc., an affiliate of Chengtun Mining Group Co., Ltd. Shareholders received C$1.38 per share in cash. Simultaneously, Loncor disposed of its 60.23% interest in KGL Resources Ltd. as part of the arrangement. All previous directors have resigned, replaced by a single Chengtun representative, and the company has applied to delist from the TSX, Frankfurt, and OTCQX, effectively ceasing to be a reporting issuer.
The impact is absolute: the investment thesis for public equity investors has concluded. - Material Gain: Shareholders who entered the stock during the 2024-2025 period (when prices ranged from C$0.31 to C$0.60) realized significant premiums. The C$1.38 price represents a 33% premium over the 30-day VWAP as of the October 2024 announcement and a 150%+ gain for those participating in the May 2025 financing at C$0.55. - Asset Realization: The deal crystallizes the value of the Adumbi deposit (3.66 million ounces) before the company faced the massive capital expenditure (estimated at US$530M in the PEA) required to build a mine in a high-risk jurisdiction (DRC). - Warrants/Options: Holders of outstanding warrants and options are being cashed out for the difference between C$1.38 and their strike prices, providing a liquidity event for all instrument holders.
Loncor Gold's flagship asset was the Imbo Project, specifically the Adumbi deposit in the Ngayu Greenstone Belt, DRC. - Resource Base: 3.66 million ounces of gold (1.88 Moz Indicated, 1.78 Moz Inferred) within a US$1,600/oz pit shell. - Growth Potential: 2025 drilling confirmed high-grade mineralization (e.g., 298 g/t over 1.36m in hole LADD033) continuing 800-900 meters below surface, suggesting a Tier 1 underground potential. - Infrastructure: Located 220km from Barrick’s Kibali mine, providing a logistical blueprint for development in the region.