Lincoln Mining Corp. (TSX: V.LMG, Stock Forum) said Tuesday it has reached a final settlement with Elgin Mining Inc. (TSX: T.ELG, Stock Forum), relating to a dispute over exploration spending on properties in California and Mexico.
Under the settlement, Lincoln said in a press release both parties have elected to terminate the agreement in relation to the La Bufa property in Chihuahua, Mexico and Oro Cruz property in the Cargo Muchacho Mountains, southern California. The settlement terms are as follows:
Lincoln will pay $350,000 cash to Elgin upon execution of Elgin’s quitclaim deed in relation to the Oro Cruz property, at which time control of the Oro Cruz property will revert to Lincoln.
Lincoln shall take all commercially reasonable steps to market and sell the La Bufa property; the net proceeds of such sale (after allowable expenses) to be split equally between the parties.
On Tuesday, Lincoln was unchanged at 3 cents, leaving Lincoln with a market cap of $4.7 million, based on 158.8 million shares outstanding. The 52-week range is 1 cent and 10 cents.
Elgin eased 1.7% to 29.5 cents, leaving a market cap of $44 million, based on 148.2 million shares outstanding. The 52-week range is 85 cents and 25.5 cents.