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LMG Lincoln Gold Mining Inc

0.165
0.00 (0.00%)
29 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Lincoln Gold Mining Inc TSXV:LMG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.165 0.12 0.155 0 12:30:05

Procon Divestment Transaction Completed

03/03/2014 1:00pm

Marketwired Canada


Lincoln Mining Corporation, (TSX VENTURE:LMG)("Lincoln" or the "Company")
announces that further to its news release dated February 19, 2014, Lincoln has
been advised that Procon Resources Inc. ("PRI" or "Procon") has completed the
divestment of its interests in Lincoln pursuant to the Order of the Committee on
Foreign Investment in the United States (the "CFIUS Order"). 


Mr. Ronald K. Netolitzky, a Canadian mining entrepreneur, has acquired Procon's
46,000,000 common shares of Lincoln through a private sale at approximately
$0.01127 per share for a total purchase price of $518,420. 


In addition, the $2,300,000 convertible debenture held by PRI (plus
approximately $175,000 in accrued interest), has been repaid in full and
discharged using funds advanced to Lincoln through unsecured, non-convertible
loans from companies controlled by two directors of Lincoln (the "Loans"). The
Loans bear interest at a rate of 6% per annum, payable monthly commencing April
1, 2014 for a term of five years at which point the principal amount owing under
the Loans is due. 


The Company also announces the resignation of Lincoln's Chief Financial Officer
("CFO"), Mr. Jimmy Mah, and would like to thank Mr. Mah for his service to the
Company. The Company has appointed Mr. Eugene Beukman as its new CFO. 


Mr. Eugene Beukman has been a corporate consultant to public companies in Canada
since January 1994, primarily involved in the acquisition of assets and joint
ventures for junior mining and oil and gas issuers. He is a director and/or
officer of several reporting companies listed on the TSX Venture Exchange and
CNSX and is the President/Owner of Pender Street Corporate Consulting Ltd., a
company involved in the organization and management of a number of public
companies since 2006. Mr. Beukman graduated from Rand University of
Johannesburg, South Africa, with a Bachelor of Law Degree and a Bachelor of Law
Honors Postgraduate Degree. Prior to moving to Vancouver in 1993, Mr. Beukman
was a legal advisor to Billiton Limited in South Africa. Overall he has over
thirty years experience in the acquisition of assets and joint ventures and in
negotiating prospecting and option agreements. Mr. Beukman is an Advocate of the
Supreme Court of South Africa.


In addition, the following directors have resigned: Madame Luo Yan and Messrs.
Edward Yurkowski, James Dales and Yuhang Wang. Lincoln would like to express its
appreciation to these directors for their service and ongoing support throughout
the divestment process. 


As a result of the completion of the Procon divestment, there are no more
operational or financial ties between Procon and Lincoln. 


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, the
Oro Cruz gold property in California and the La Bufa gold-silver property in
Mexico. 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 relating to the repayment of the Loans,
and other future plans, objectives or expectations of the Company, involve
various risks and uncertainties. Important factors that could cause actual
results to differ materially from the Company's plans or expectations include:
the Company's ability to pay interest and repay the principal of the Loans and
other outstanding loans of the Company will be contingent on the Company raising
significant, additional funds through equity and/or other financing arrangements
and there can be no assurances that such financing will be available to the
Company on acceptable terms or at all; risks relating to actual exploration
results, impairment or loss of the Company's rights in respect of its
properties; availability of capital and financing; general economic, market or
business conditions; timeliness of government or regulatory approvals and other
risks detailed herein and from time to time in the filings made by the Company
with securities regulators. The Company makes all reasonable efforts to update
its corporate material on a timely basis. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Lincoln Mining Corporation
Investor Relations
604-688-7377
www.lincolnmining.com

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