Business
Lincoln Mining announces private placement of up to $5,500,000
Lincoln Mining announces private placement of up to $5,500,000
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"\n\n\n\n May 11, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Lincoln Mining Corporation, TSX-V: LMG ("Lincoln" or the "Company") is pleased to announce that it has engaged Casimir Capital LP (the "Agent"), on a best efforts basis, in connection with a brokered private placement offering of up to 15,909,091 units at a price of $0.22 per unit ("Units") for total proceeds of up to $3,500,000. Each Unit is comprised of one common share of the Company and one half of one non-transferable common share purchase warrant. Each whole purchase warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.35 per share for a period of two years from closing.\nConcurrent with the brokered private placement, the Company will also be conducting a non-brokered private placement of up to 9,090,909 Units at the same price as the brokered private placement for total proceeds of up to $2,000,000.\nAs compensation, the Agent, and certain finders involved in the non-brokered private placement ("Finders"), will receive a commission of 7% of the proceeds raised, payable in cash. In addition, the Agent and Finders will receive non-transferable warrants to acquire common shares of the Company equal to 7% of the total number of Units sold. Each such warrant will entitle the holder to acquire one common share of the Company at a price of $0.35 per share for a period of two years from closing.\nAll securities issued under the private placements will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placements are subject to all necessary regulatory approvals including from the TSX Venture Exchange.\nLincoln intends to use the funds raised to advance development of its mineral properties and for general working capital purposes.\n\nLincoln 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 in Nevada, the Oro Cruz gold property in California and the La Bufa gold-si...