Release date- 29102012 – Vancouver, British Columbia – Lincoln Mining Corporation (TSX-V: LMG) is pleased to announce that it has closed the previously announced private placement.
The Company issued a total of 5,376,000 common shares at a price of $0.05 per share for total proceeds of $268,800. No warrants or finder’s fees were issued or paid in connection with this private placement.
Directors and officers of the Company purchased an aggregate of 2,776,000 Shares under the private placement, and accordingly, the private placement constituted to that extent a ‘related party transaction’ under applicable Canadian securities laws.
The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close the private placement on an expedited basis for sound business reasons.
All securities issued under the private placement will be subject to a four month hold period in Canada expiring on March 1, 2013, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Lincoln intends to use the proceeds raised from the private placement to advance the work programs on its mineral projects and for general working capital purposes.
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, 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., a Nevada corporation.