|By Marketwired .||
|August 13, 2013 04:16 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/13/13 -- Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces that the Company will seek shareholder approval to consolidate the Company's common shares on the basis of one (1) post-consolidation common share for every five (5) pre-consolidation common shares. Shareholders will be asked to approve the share consolidation by majority vote at the Company's annual general and special meeting of shareholders set for Monday September 16, 2013.
Management believes the share consolidation will provide the Company with greater flexibility in its ability to finance the Company and advance its projects. The Company currently has no plans to change its name in connection with the proposed share consolidation. The share consolidation will be subject to applicable regulatory approval including the TSX Venture Exchange.
The Company currently has an aggregate of 158,860,203 common shares issued and outstanding. It is anticipated that upon completion of the share consolidation, there will be approximately 31,772,040 common shares issued and outstanding, subject to any existing share purchase warrants and stock options being exercised prior to the effective date of the consolidation.
The Company currently has outstanding warrants exercisable to purchase an aggregate of 1,640,515 common shares at an exercise price of $0.22 per share. Upon completion of the share consolidation, there would be warrants outstanding to purchase an aggregate of 328,103 common shares at an exercise price of $1.10 per share, based on the current number of outstanding warrants.
The Company currently has outstanding stock options exercisable to purchase an aggregate of 4,425,000 common shares at exercise prices ranging from $0.19 to $0.29. Upon completion of the share consolidation, there would be stock options outstanding to purchase an aggregate of 885,000 common shares at exercise prices ranging from $0.95 to $1.45, based on the current number of outstanding stock options.
As a result of the proposed share consolidation, the conversion price of the Company's outstanding convertible debenture in the principal amount of $2,300,000 would be adjusted from $0.10 per share to $0.50 per share.
Shareholders are encouraged to read the information circular that will be mailed to them as it contains important information regarding the proposed share consolidation. The circular will also be available on SEDAR (www.sedar.com) and on the Company's website (www.lincolnmining.com).
The Company also reports that further to its news releases of June 18, 2013 and July 2, 2013 announcing unsecured demand loans in the aggregate principal amount of $650,000, the loans, which were advanced by Prairie Enterprises (Alberta) Inc., have been combined into one unsecured demand loan in the aggregate principal amount of $650,000 bearing interest at the rate of 10% per annum, payable monthly. The lender is a company owned and controlled by Edward Yurkowski, a director of 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. The Company's United States operations remain subject to an order issued by the Committee on Foreign Investment in the United States, as disclosed in the Company's news release dated June 18, 2013.
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.
INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE PLANS AND OBJECTIVES OF LINCOLN MINING IN RESPECT OF PLANS FOR THE PROPOSED SHARE CONSOLIDATION AND ANY PERCEIVED BENEFITS 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 COMPANIES' PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND FINANCING, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, 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.
Lincoln Mining Corporation