VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 27, 2014) - Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") is pleased to announce the closing of the sale of the La Bufa property to Endeavour Silver Corp. ("Endeavour"). The Company received 85,587 shares of Endeavour representing a total consideration equal to 90,000 common shares of Endeavour at a deemed price of $4.88 per share less that number of shares equal to the Prepayment Amount (see news release of August 21, 2014 for further details).
All securities issued in connection with the transaction are subject to a four month hold period ending February 15, 2015. Pursuant to the Company's Settlement Agreement with Elgin Mining Inc. ("Elgin"), Lincoln will be transferring 45,000 Endeavour shares to Elgin once the hold period has expired. Insiders of the Company have agreed to advance up to $150,000 (on a non interest bearing, non-convertible basis) secured by the Company's portion of the Endeavour shares.
Further to the Company's news release dated September 15, 2014, the Company announces it has received approval from the TSX Venture Exchange and issued an aggregate of 6,860,000 common shares at a deemed price of $0.15 per share to Golden Dreams Limited Partnership ("GDLP") representing repayment of the Company's promissory note in the amount of $1,029,000 issued to GDLP as announced May 9, 2014. All securities issued in connection with the debt settlement are subject to a four month hold period ending February 21, 2015.
The Company is continuing work on the proposed financing as announced September 15, 2014.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove and Bell Mountain gold properties in Nevada and the Oro Cruz gold property in California. In the United States, the Company operates under Lincoln Gold US Corp. and Lincoln Resource Group Corp., both Nevada corporations.
On behalf of Lincoln Mining Corporation
Paul Saxton, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING THE PROPOSED FINANCING ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND FINANCING TO COMPLETE THE PROPOSED PRIVATE PLACEMENT, MAINTAIN THE COMPANY'S PROJECTS; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS; FLUCTUATING METAL PRICES; REGULATORY CHANGES; TIMELINESS OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND FORWARD-LOOKING INFORMATION ON A TIMELY BASIS.