|By Marketwired .||
|February 19, 2014 04:37 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/19/14 -- Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces that further to its news release dated October 22, 2013, the Committee on Foreign Investment in the United States ("CFIUS") has granted an extension until March 7, 2014 in order for Procon Resources Inc. ("PRI" or "Procon") to complete its proposed transaction to divest its interests in Lincoln (the "Proposed Transaction") and CFIUS does not object to the Proposed Transaction.
Lincoln has been advised that the principal terms of the Proposed Transaction are as set forth below.
PRI intends to comply with the CFIUS divestment order by selling its 46,000,000 common shares of Lincoln to Mr. Ronald K. Netolitzky, a Canadian mining entrepreneur, 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 $165,000 in accrued interest), which will have the conversion right removed, will be repaid and discharged using funds advanced to Lincoln through unsecured, non-convertible loans from companies controlled by two directors of Lincoln (the "Loans"). The Loans will bear interest at a rate of 6% per annum, payable monthly commencing April 1, 2014 for a term of five years. As the directors are insiders of Lincoln, the Loans constitute related party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The independent directors of Lincoln have confirmed that the Loans are under reasonable commercial terms that are not less advantageous to Lincoln than if similar loans were obtained from an arm's length party and that, accordingly, the Loans are exempt from the shareholder approval requirements of MI 61-101 pursuant to the exemption contained in section 5.7(1)(f) thereof.
On closing of the Proposed Transaction, the four directors of Lincoln appointed by Procon will resign and Lincoln's Chief Financial Officer will be replaced. Accordingly, on closing of the Proposed Transaction, there will be no more operational or financial ties between Procon and Lincoln. Pursuant to the terms of the CFIUS order (see Lincoln news release dated June 18, 2013), following the divestment, Procon shall not acquire any ownership interest in or control of any of the Company's US subsidiaries or properties and all access restrictions pertaining to Procon, its officers, representatives, agents, and employees shall remain in place.
On closing of the Proposed Transaction, the remaining directors and new audit committee of the Company will be comprised of incumbents Paul Saxton, Andrew Milligan and Ron Coombes. The Company will be actively seeking new independent directors in the ensuing months.
Lincoln is pleased with the progress made by the parties to the Proposed Transaction and appreciates the shareholders' continued commitment to 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.
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 Proposed Transaction and compliance with the CFIUS order, 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 risk that the Proposed Transaction, which is outside the control of Lincoln, will not complete within the time required by CFIUS or at all, which could result in CFIUS taking actions adverse to the Company's US property interests and operations; 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.
Lincoln Mining Corporation
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 29, 2016 03:30 AM EDT Reads: 947
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 29, 2016 02:45 AM EDT Reads: 1,476
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 29, 2016 02:30 AM EDT Reads: 1,335
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 29, 2016 02:00 AM EDT Reads: 1,311
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 29, 2016 01:45 AM EDT Reads: 2,624
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 29, 2016 01:30 AM EDT Reads: 2,472
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 29, 2016 01:15 AM EDT Reads: 1,350
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 29, 2016 01:00 AM EDT Reads: 1,404
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 29, 2016 12:45 AM EDT Reads: 2,050
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 28, 2016 11:00 PM EDT Reads: 2,374
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 28, 2016 10:00 PM EDT Reads: 2,570
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 28, 2016 07:00 PM EDT Reads: 1,261
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 28, 2016 07:00 PM EDT Reads: 1,962
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.
May. 28, 2016 07:00 PM EDT Reads: 3,635
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
May. 28, 2016 06:45 PM EDT Reads: 2,017