Lincoln Mining Closes Shares for Debt Transaction
Vancouver, British Columbia (FSCwire) - Lincoln Mining Corp., TSX-V: LMG ("Lincoln" or the "Company") announces that is has completed its previously announced shares for debt transaction. At the closing, Lincoln issued 11,285,513 shares at a deemed issue price of $0.085 per share to settle indebtedness of $959,268.92 in respect of certain related parties of the Company and Lincoln issued 1,744,242 shares at a deemed issue price of $0.05 per share to settle indebtedness of $87,212.14 in respect of arm's length creditors. A total of 13,029,755 shares were issued in settlement of debt totaling $1,046,481.06.
The Company expects that the proposed debt settlements will assist the Company in seeking new financing transactions to advance the development of the Company's Pine Grove project and for working capital.
All shares issued under the shares for debt transaction are subject to a four month hold period expiring on May 4, 2018, in addition to such other restrictions as may apply under applicable securities laws outside of Canada.
The Company did not file a material change report more than 21 days before the expected closing of the shares for debt transaction, as the details and amounts of debts settled under the transaction were not finalized until closer to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with two projects in various stages of exploration and development, namely 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.
For further information, please contact Investor Relations at 604-688-7377 or visit the Company’s website at www.lincolnmining.com.
On behalf of Lincoln Mining Corporation
"Paul Saxton"
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 SHARES FOR DEBT TRANSACTION AND THE EXPECTED BENEFITS THEREOF, 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 THE AVAILABILITY OF CAPITAL AND FINANCING TO MAINTAIN THE COMPANY’S PROJECTS; CHANGES IN PLANNED WORK OR USE OF PROCEEDS RESULTING FROM LOGISTICAL, TECHNICAL OR OTHER FACTORS; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS; FLUCTUATING METAL PRICES; THE POSSIBILITY OF COST OVERRUNS OR UNANTICIPATED EXPENSES IN WORK PROGRAMS; 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Lincoln01032018.pdf
Source: Lincoln Mining Corp. (TSX Venture:LMG, OTC Pink:LNCLF, FWB:ZMG1)
To follow Lincoln Mining Corp. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire
