 Loncor Resources Inc TSE:LN said it has closed the balance of its 5.75 million non-brokered private placement financing, in which the company issued 3.5 million of its units at a price of C0.50 per unit for gross proceeds of C1.75 million. Loncor said it intends to use the private placement funds for continued exploration and development of its Imbo Project in the Democratic Republic of the Congo, which will include finalizing the current drill program at the Adumbi gold deposit and, following this program, undertaking a preliminary economic assessment PEA of Adumbi and its neighbouring deposits, as well as for general corporate purposes. 