VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 27, 2017) - Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement, which was oversubscribed.
The Company issued a total of 11,400,000 units at a price of $0.05 per unit ("Units") for total gross proceeds of $570,000. Each Unit is comprised of one common share of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.08 per share until April 26, 2022.
As compensation, qualified persons acting as finders in connection with the private placement ("Finders") received a cash commission of 7% of the proceeds raised and non-transferable warrants ("Finder's Warrants"), having the same terms as the Warrants, equal to 7% of the total number of Units sold to persons introduced to the Company by the Finders. The Company issued a total of 644,000 Finder's Warrants and paid a total of $32,200 in cash commissions in connection with the closing of the private placement.
All securities issued or issuable under the private placement will be subject to a four month hold period in Canada expiring on August 27, 2017, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.
Lincoln intends to use the proceeds raised from the private placement for general working capital and administrative purposes and towards advancing permitting on the Pine Grove project.
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.
