Lincoln Mining Amends Proposed Share Consolidation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2014) - Lincoln Mining Corp. (TSX VENTURE:LMG) ("Lincoln" or the "Company") reports it proposes to consolidate the Company's common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares. In accordance with current TSXV policies, shareholder approval will not be required for the proposed consolidation. The proposed consolidation has been approved by the Company's board of directors.
On August 13, 2013, the Company had initially announced plans to consolidate the Company's common shares on the basis of one (1) post-consolidation common share for every five (5) pre-consolidation common shares; however, the Company now proposes to amend the consolidation ratio on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares as described above.
Management believes the share consolidation will provide the Company with greater flexibility in its ability to finance the Company and advance its projects. The Company currently has no plans to change its name in connection with the proposed share consolidation. The share consolidation will be subject to acceptance for filing by the TSX Venture Exchange.
The Company currently has an aggregate of 158,860,203 common shares issued and outstanding. It is anticipated that upon completion of the share consolidation, there will be approximately 15,886,020 common shares issued and outstanding, subject to any existing stock options being exercised prior to the effective date 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.
The Company currently has no outstanding warrants.
The effective date of the consolidation will be disclosed in a subsequent news release. Notwithstanding the foregoing, the board of directors may, at its discretion, determine not to effect the consolidation.
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.
INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE PLANS AND OBJECTIVES OF LINCOLN MINING IN RESPECT OF PLANS FOR THE PROPOSED SHARE CONSOLIDATION AND ANY PERCEIVED BENEFITS, ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANIES' PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND FINANCING, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, REGULATORY CHANGES, TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND FORWARD-LOOKING INFORMATION ON A TIMELY BASIS BUT DOES NOT ASSUME THE OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS EXCEPT AS REQUIRED BY LAW.