Lincoln Announces Sale of La Bufa Property
August 21, 2014 (Source: Marketwired) — Lincoln Mining Corporation, (TSX VENTURE:LMG) (“Lincoln” or the “Company”) announces it has entered into a Purchase Agreement (the “Agreement”) with Endeavour Silver Corp. (“Endeavour” or the “Purchaser”) to sell the La Bufa property for a total consideration of 90,000 common shares of Endeavour (the “Payment Shares”) at an issue price per Payment Share equal to the volume weighted average price (VWAP) of the Purchaser’s shares for the ten (10) trading days immediately preceding the Closing Date less that number of Payment Shares equal to the Prepayment Amount (as defined below).
The Prepayment Amount of $19,000 is evidenced by a Promissory Note (the “Note”) dated July 29, 2014 for the principal amount of $19,000 bearing interest at 5% per annum and maturing on December 31, 2014. The Note will be repaid at the closing of the transaction by deducting from the Payment Shares that number of Payment Shares equal to the Prepayment Amount.
The Agreement is subject to a due diligence period ending September 12, 2014 and the Payment Shares, if and when issued, will be subject to a four month hold period from date of issue.
Endeavour is an Arm’s Length party to the Company and no finder’s fees will be paid in connection with the transaction.
Pursuant to the Company’s Settlement Agreement with Elgin Mining Inc. (“Elgin”) as announced on June 3, 2013, Lincoln will be splitting the proceeds of the La Bufa sale equally with Elgin.
The Company also announces it has received advances of $180,000 from a Control Person of the Company (as that term is defined in the policies of the TSX Venture Exchange). The advances are currently unsecured, non-convertible and non-interest bearing, with no specific repayment schedule as the terms are still being negotiated.
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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 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, visit the Company’s website at www.lincolnmining.com.
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 REGARDING THE SALE OF LA BUFA. FUTURE PLANS AND OBJECTIVES OF LINCOLN 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 AVAILABILITY OF CAPITAL AND FINANCING, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, FLUCTUATING METAL PRICES, REGULATORY CHANGES, TIMELINES 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.
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