VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2011) - Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces it has closed the previously announced non brokered private placement.
The Company issued a total of 2,228,020 units at a price of $0.10 per unit ("Units") for total proceeds of $222,802. 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 $0.22 per share until November 4, 2013. One insider subscribed for 150,000 Units for total proceeds of $15,000.
As compensation, qualified persons acting as finders in connection with the private placement ("Finders") received a cash commission of 7% of the proceeds raised and non-transferable warrants ("Finder's Warrants") equal to 7% of the total number of Units sold to persons introduced to the Company by the Finder. Each such warrant will entitle the holder to acquire one common share of the Company at a price of $0.22 per share until November 4, 2013. At the closing of the private placement, the Company issued a total of 71,961 Finder's Warrants and paid a total of $7,196 in cash commissions.
All securities issued under the private placement will be subject to a four month hold period in Canada expiring on March 5, 2012, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Lincoln intends to use the proceeds raised from the private placement to advance the work programs on its mineral projects and for general working capital purposes.
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 gold property, 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., a Nevada corporation.
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.
Contact Information:
Investor Relations
604-688-7377
604-688-7307 (FAX)
www.lincolnmining.com