Acquisition of Shares

TORONTO, April 08, 2019 (GLOBE NEWSWIRE) -- Arnold T. Kondrat announces that he acquired today on the Toronto Stock Exchange 4,317,000 common shares (the "Purchased Shares") of Loncor Resources Inc. (the "Company") at a price of Cdn$0.065 per Purchased Share or Cdn$280,605 in the aggregate. 

The Purchased Shares represent 2.3% of the currently outstanding common shares of the Company (the "Common Shares").  Taking into account the acquisition of such shares, Mr. Kondrat now owns a total of 54,317,818 (or 28.99%) of the outstanding Common Shares (immediately prior to the acquisition of the Purchased Shares, Mr. Kondrat owned 50,000,818 (or 26.68%) of the outstanding common shares of the Company).  He also holds 750,000 stock options of the Company such that, assuming the exercise of these stock options, he would own on a fully diluted basis, 55,067,818 (or 29.27%) of the outstanding common shares of the Company.      

Mr. Kondrat acquired the Purchased Shares for investment purposes and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.  Mr. Kondrat currently does not have any plan to acquire or dispose of additional securities of the Company.

Mr. Kondrat has relied on the exemption from the formal take-over bid requirements set out in Section 4.1 of National Instrument 62-104 with respect to the acquisition of the Purchased Shares, as follows: (a) the bid was for less than 5% of the outstanding Common Shares; (b) the aggregate number of Common Shares acquired in reliance on this exemption by Mr. Kondrat within any period of 12 months, when aggregated with acquisitions otherwise made by Mr. Kondrat within the same 12 month period, does not exceed 5% of the Common Shares outstanding at the beginning of the 12 month period (there are no "joint actors" (within the meaning of National Instrument 62-103) with respect to such acquisitions); (c) there is a published market for the Common Shares on the Toronto Stock Exchange; and (d) the value of the consideration paid for the Purchased Shares was not in excess of the market price of the Common Shares at the date of acquisition, as determined in accordance with National Instrument 62-104.   

Mr. Kondrat is Chief Executive Officer, President and a director of the Company.  Mr. Kondrat's address and the Company's address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3, Canada.  

For further information or to obtain a copy of the early warning report in connection with the foregoing, please contact:

Arnold T. Kondrat
Phone: (416) 361-2510