NEW YORK, Aug. 4, 2020 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, announced Loncor Resources Inc. (TSX: LN;OTCQX: LONCF), a Canadian gold exploration company, has qualified to trade on the OTCQX® Best Market. Loncor Resources Inc. upgraded to OTCQX from the OTCQB® Venture Market.
Loncor Resources Inc. began trading on OTCQX under the symbol "LONCF" on August 3, 2020. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
About Loncor Resources Inc. Loncor is a Canadian gold exploration company focussed on the Ngayu greenstone belt in the Democratic Republic of the Congo ("DRC"). The Loncor team has over two decades of experience of operating in the DRC. The Ngayu project area is 220 km southwest of the Kibali gold mine, which is operated by Barrick. As per the joint venture agreement, Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on a gold discovery. Subject to the DRC's free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor would then be required to fund its pro-rata share or be diluted. In addition to the Barrick JV, certain areas within the Ngayu project, including the Makapela and Adumbi deposits, have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Loncor's 100%-owned Makapela deposit has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au). Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 76.29% of this resource being attributable to Loncor. Additional information with respect to Loncor can be found in Loncor's Form 20-F dated April 6, 2020.
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