Vancouver (pcJ News Briefs) – Lincoln Mining Corporation (TSX-V: LMG) has completed previously announced non-brokered private placement of 11,400,000 units at a price of $0.05 per unit for gross proceeds of $570,000. The private placement was oversubscribed.
Palisade Global Investments Ltd., a Belize based merchant bank and investment group, specializing in small cap, high growth investments led with $220,000 and, as a result, will become one of the largest shareholders.
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 intends to use the proceeds raised from the private placement for general working capital and administrative purposes and towards advancing permitting on the Pine Grove project.
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