VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 10, 2015) - Lincoln Mining Corp. (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces that it has received loans totaling C$100,000 (the "Loans") to fund its working capital requirements from an arm's length party and an insider of the Company.
The Loans are unsecured and evidenced by promissory notes (the "Notes") bearing interest at 6-10% per annum, calculated and payable on demand. The Company may prepay the principal, in whole or in part, at any time without penalty.
As $50,000 is a loan from an insider bearing interest at 6% per annum (the "Insider Loan"), the Insider Loan constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon the applicable exemptions under MI 61-101 from the formal valuation and minority shareholder approval requirements in relation to the Insider Loan.
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 gold property 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.
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.
Contact
Lincoln Mining Corp. Investor Relations 604-688-7377 604-688-7307 www.lincolnmining.com
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