Vancouver (pcJ News Briefs) – Lincoln Mining Corporation (TSX-V: LMG) plans to arrange for a non-brokered private placement of up to 10,000,000 units at a price of $0.05 per unit for gross proceeds of up to $500,000.
Palisade Global Investments Ltd. will provide a lead order in the offering of $220,000 and, as a result, will become one of the largest shareholders. Palisade is an offshore merchant bank and investment group, specializing in small cap, high growth investments.
Each unit will be comprised of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of $0.08 for a period of five years after the closing of the offering.
“Lincoln Mining controls two past producing assets in favorable mining jurisdictions. With debt covenants nearing a resolution, we believe the market will revalue the company. We look forward to working with Paul Saxton and the Lincoln team in advancing both projects towards production decisions,” said Collin Kettell, co-founder and CEO of Palisade.
“We are pleased to welcome Palisade Global Investments. We have developed a strong relationship with the group and look forward to building that ongoing relationship and working closely with Palisade Global Investments as we continue to explore and develop our projects,” added Paul Saxton, President and CEO of Lincoln.
Lincoln intends to use the proceeds raised for permitting on the Pine Grove project, to reduce existing debt and for general working capital purposes.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with two projects in various stages of exploration and development, namely the Pine Grove gold property in Nevada and the Oro Cruz gold property in California.
photo credit: Lincoln Mining