19:29:36 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Lincoln Mining Corp (2)
Symbol LMG
Shares Issued 15,886,020
Close 2014-08-20 C$ 0.13
Market Cap C$ 2,065,183
Recent Sedar Documents

Lincoln Mining to sell La Bufa to Endeavour Silver

2014-08-21 08:04 ET - News Release

Mr. Paul Saxton reports

LINCOLN ANNOUNCES SALE OF LA BUFA PROPERTY

Lincoln Mining Corp. has entered into a purchase agreement with Endeavour Silver Corp. to sell the La Bufa property for a total consideration of 90,000 common shares of Endeavour at an issue price per payment share equal to the volume-weighted average price of the purchaser's shares for the 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 dated July 29, 2014, for the principal amount of $19,000, bearing interest at 5 per cent per annum and maturing on Dec. 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 Sept. 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., 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.

We seek Safe Harbor.

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