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Lincoln Gold Mining has completed the acquisition of the Bell Mountain Gold/Silver Project in Churchill County, Nevada, obtaining 100% interest. The company issued 3,000,000 shares to Eros Resources Corp, with an additional 1,500,000 shares to be issued when Lincoln reaches 28,500,000 shares outstanding. A 7.5% net profits interest was granted to BMEC up to US$2,000,000.
The company filed a Preliminary Economic Assessment (PEA) showing strong economic potential with a pre-tax Internal Rate of Return of 63.2% and NPV of US$25.69M at a 5% discount rate, based on gold price of $2,200/oz and silver at $24.00/oz. The project expects a payback period of approximately 10 months pre-tax.
Additionally, Lincoln closed a private placement of convertible debenture units raising C$140,000, with 18% annual interest rate and conversion price of C$0.15 per share. The company plans to use proceeds for Bell Mountain Project development and working capital.
Lincoln Gold Mining (TSXV:LMG) has announced a non-brokered private placement of convertible debenture units to raise up to C$150,000. Each Note Unit includes an unsecured convertible debenture and warrants exercisable at C$0.35 for 24 months. The debentures have an 18% annual interest rate and are convertible into common shares at C$0.15 per share.
The proceeds will fund general working capital and development of the Bell Mountain Project, which Lincoln plans to acquire from Eros Resources Corp. The company aims to complete the acquisition concurrent with or shortly after the private placement closing, subject to TSXV approval. All securities issued will have a four-month hold period.
Lincoln Gold Mining (TSXV:LMG) has announced key leadership changes effective October 23, 2024. Dong Shim, who served as CFO since June 2020, has been appointed as a director while stepping down from his CFO position. Nicholas Koo, CPA, CA, has been named as the new Chief Financial Officer. Both executives bring significant financial expertise, particularly in public company accounting and the mining sector. Shim is a member of the Chartered Professional Accountants of British Columbia and a US CPA, while Koo is a Partner at SHIM & Associates LLP with extensive experience in financial reporting across various industries.
Lincoln Gold Mining Inc. has entered into a marketing agreement with ArrowPark Capital Corp. for digital marketing services. The initial term runs from October 15, 2024, to January 31, 2025, with ArrowPark receiving an upfront fee of CAD$30,000 plus taxes. Services include social media engagement on X (formerly Twitter), blog posts on www.tastocks.com, and YouTube video creation.
Lincoln Gold is advancing its fully-owned Pine Grove project and is in the final stages of acquiring the fully permitted Bell Mountain project, pending TSXV approval. The company aims to expand its presence and deliver value to shareholders through these development plans. The marketing agreement is subject to TSXV approval, and ArrowPark has agreed to comply with all applicable securities laws and TSXV policies.
Lincoln Gold Mining Inc. (TSXV:LMG) has announced that investors have exercised 857,143 warrants priced at $0.35, resulting in proceeds of $300,000. The company still has 10,809,425 warrants outstanding, priced at $0.35 and $0.50, expiring in 2025 and 2026. The funds will be used to develop the Pine Grove gold project, including a planned geophysical flyover to guide future drill programs.
CEO Paul Saxton stated that this exercise reflects confidence in Lincoln's strategy. The company is also working on closing the Bell Mountain acquisition. The aggregate value of outstanding warrants exceeds $4,000,000, potentially providing future funding without immediate external financing needs.
Lincoln Gold Mining and Eros Resources have extended the deadline for their Bell Mountain gold project transaction to November 15, 2024. The acquisition, initially agreed upon in November 2023, is still subject to several conditions, including the completion of a Preliminary Economic Assessment (PEA) and final approval from the TSX Venture Exchange. A draft PEA was completed on August 7, 2024, by Welsh Hagen Associates and is currently under review. The transaction involves Lincoln's proposed acquisition of Eros' Bell Mountain gold project in Churchill County, Nevada. Both companies are working towards satisfying the remaining conditions to complete the deal.
Lincoln Gold Mining has upsized its private placement offering from $750,000 to $862,500 due to strong investor demand.
The company will issue up to 3,450,000 units at $0.25 per unit, each comprising one common share and one-half of a warrant exercisable at $0.50 for 12 months.
The first tranche raised $206,000, with the remaining expected to close in early July 2024, pending regulatory approvals.
Proceeds will fund general expenses and the Bell Mountain gold project's acquisition. If the acquisition fails, funds may be reallocated for other corporate uses.
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