Loncor Resources Inc. (OTCPK:LONC.F) is pleased to announce a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.50 per share for gross proceeds of up to CAD 5,000,000 on January 22, 2021. Each unit will consist of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at an exercise price of CAD 0.75 for a period of 12 months following the closing date. Certain insiders of the company have agreed to purchase a total of up to 20% of the units. The transaction is subject to receipt of all necessary approvals, including board and Toronto Stock Exchange approvals.