VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 3, 2014) - Lincoln Mining Corporation, (TSX VENTURE:LMG)("Lincoln" or the "Company") announces that further to its news release dated February 19, 2014, Lincoln has been advised that Procon Resources Inc. ("PRI" or "Procon") has completed the divestment of its interests in Lincoln pursuant to the Order of the Committee on Foreign Investment in the United States (the "CFIUS Order").
Mr. Ronald K. Netolitzky, a Canadian mining entrepreneur, has acquired Procon's 46,000,000 common shares of Lincoln through a private sale at approximately $0.01127 per share for a total purchase price of $518,420.
In addition, the $2,300,000 convertible debenture held by PRI (plus approximately $175,000 in accrued interest), has been repaid in full and discharged using funds advanced to Lincoln through unsecured, non-convertible loans from companies controlled by two directors of Lincoln (the "Loans"). The Loans bear interest at a rate of 6% per annum, payable monthly commencing April 1, 2014 for a term of five years at which point the principal amount owing under the Loans is due.
The Company also announces the resignation of Lincoln's Chief Financial Officer ("CFO"), Mr. Jimmy Mah, and would like to thank Mr. Mah for his service to the Company. The Company has appointed Mr. Eugene Beukman as its new CFO.
Mr. Eugene Beukman has been a corporate consultant to public companies in Canada since January 1994, primarily involved in the acquisition of assets and joint ventures for junior mining and oil and gas issuers. He is a director and/or officer of several reporting companies listed on the TSX Venture Exchange and CNSX and is the President/Owner of Pender Street Corporate Consulting Ltd., a company involved in the organization and management of a number of public companies since 2006. Mr. Beukman graduated from Rand University of Johannesburg, South Africa, with a Bachelor of Law Degree and a Bachelor of Law Honors Postgraduate Degree. Prior to moving to Vancouver in 1993, Mr. Beukman was a legal advisor to Billiton Limited in South Africa. Overall he has over thirty years experience in the acquisition of assets and joint ventures and in negotiating prospecting and option agreements. Mr. Beukman is an Advocate of the Supreme Court of South Africa.
In addition, the following directors have resigned: Madame Luo Yan and Messrs. Edward Yurkowski, James Dales and Yuhang Wang. Lincoln would like to express its appreciation to these directors for their service and ongoing support throughout the divestment process.
As a result of the completion of the Procon divestment, there are no more operational or financial ties between Procon and Lincoln.
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.
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.
This press release includes forward-looking statements or information. All statements other than statements of historical fact included in this release, including without limitation, statements relating to the repayment of the Loans, and other future plans, objectives or expectations of the Company, involve various risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's plans or expectations include: the Company's ability to pay interest and repay the principal of the Loans and other outstanding loans of the Company will be contingent on the Company raising significant, additional funds through equity and/or other financing arrangements and there can be no assurances that such financing will be available to the Company on acceptable terms or at all; risks relating to actual exploration results, impairment or loss of the Company's rights in respect of its properties; availability of capital and financing; general economic, market or business conditions; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company makes all reasonable efforts to update its corporate material on a timely basis.