Welcome!

News Feed Item

Lincoln Mining Corporation: US Regulators Approve Proposed Procon Divestment

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.

Contacts:
Lincoln Mining Corporation
Investor Relations
604-688-7377
604-688-7307
www.lincolnmining.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
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, whic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.