Toronto, Canada - November 28, 2008 - Loncor Resources Inc., (formerly Nevada Bob's International Inc.) (the "Company") ("TSXV" - "NBI.U") is pleased to announce that it has completed its previously announced acquisition (the "Acquisition") of 100% of the outstanding shares of Loncor Resources Inc. (referred to herein as "Old Loncor" prior to the Amalgamation (as defined below)) from Arnold T. Kondrat, a director and officer of the Company, in exchange for 3,000,000 common shares of the Company, each such common share valued at US$0.17, for an aggregate purchase price of US$510,000. Immediately after the closing of the Acquisition, Old Loncor amalgamated (the "Amalgamation") with Nevada Bob's International Inc. (the Company as it was named prior to the Amalgamation) and the Company changed its name to "Loncor Resources Inc.". Pursuant to the Amalgamation, all of the shares of Old Loncor were cancelled and the shareholders of the Company and their respective holdings remain the same.
As a result of the completion of the Acquisition, the Company is now the holder of a 100% interest in Loncor Resources Congo SPRL, which controls four exploration permits in the Bas Congo Province of the Democratic Republic of Congo (the "DRC") and 46 exploration permits in North Kivu in the DRC.
The Acquisition was considered a "Change of Business" of the Company (the "COB") within the meaning of the policies of the TSX Venture Exchange (the "TSXV"). Effective on December 2, 2008, the Company's common shares will commence trading under the symbol "LN" as a TSXV Tier 2 mining issuer and will be quoted in Canadian dollars.
A copy of the filing statement dated as of October 30, 2008 with respect to the Acquisition and the COB has been filed by the Company under its profile at www.sedar.com ("SEDAR"). Further details on the COB and the Acquisition are described in the filing statement.
In connection with the Amalgamation, Mr. Donat Madilo has been appointed Chief Financial Officer of the Company. Prior to the Amalgamation, Mr. Madilo served as Treasurer of the Company. Mr. Geoffrey Farr, a director of the Company, has been appointed as Secretary of the Company in place of Richard Lachcik who remains a director of the Company. For further information about Mr. Madilo and Mr. Farr, please refer to the filing statement filed on SEDAR.
For further information, please contact:
Kevin Baker, President and Chief Executive Officer,
Phone (403) 698-8560, Fax (403) 269-1715.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.