VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) - Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces that, further to the Company's news release dated May 2, 2014; it will proceed with a share consolidation of its issued and outstanding common shares. The Company's name and trading symbol will remain unchanged.
The consolidation will be effective from May 16, 2014 at market open and carried out on a basis of one (1) post-consolidation share for every ten (10) pre-consolidation shares. As a result of the consolidation, the Company's currently outstanding 158,860,203 issued and outstanding common shares will be reduced to approximately 15,886,020 common shares. No fractional shares will be issued. Fractional share interests of 0.50 or higher arising from the consolidation will be rounded up to one whole common share and any fractional share interest of less than 0.50 will be cancelled.
Registered shareholders will be receiving a letter of transmittal from the Company's transfer agent, Olympia Trust Company, as soon as practicable after the effective date of the consolidation. The letter of transmittal will enable registered shareholders to exchange their old share certificates representing pre-consolidation common shares for new share certificates representing the post-consolidation common shares. Until surrendered, each share certificate representing pre-consolidation common shares will be deemed for all purposes to represent the number of whole post-consolidation common shares to which the holder is entitled as a result of the consolidation.
The exercise price and the number of common shares of the Company issuable under its outstanding options will automatically be adjusted upon implementation of the consolidation. The Company currently has outstanding stock options exercisable to purchase an aggregate of 4,125,000 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 412,500 common shares at exercise prices ranging from $1.90 to $2.90, based on the current number of outstanding stock options.
There will be no requirement for option holders to exchange their certificates or take any other action. Any option holder wishing to know the exact number of shares and the adjusted exercise price of their option following consolidation should contact the Company.
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. Until completion of the Proposed Transaction, the Company's United States operations remain subject to the CFIUS order described 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.