Loncor Resources Inc. (OTCPK:LONC.F) announced a non-brokered private placement of up to 4,000,000 units at a price of CAD 0.12 per unit for gross proceeds of CAD 480,000 on January 24, 2017. Each unit consists of one common share and one half share purchase warrant. Each warrant is exercisable into one common share of the company at a price of CAD 0.18 per share for a period of two years. The transaction is subject to approval from board, the Toronto Stock Exchange, and all other necessary approvals. The securities issued are subject to four months and one day hold period.