VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 24, 2015) – Lincoln Mining Corporation (TSX VENTURE:LMG) (“Lincoln” or the “Company”) announces that it has received a loan in the amount of US$66,000 (the “Loan”) to fund its working capital requirements from Eros Resource Corp. (“Eros”), a company that has an insider in common with Lincoln.
The Loan is secured by the Company’s US properties and evidenced by a promissory note (the “Notes”) bearing interest at 6% per annum. The Company may prepay the principal, in whole or in part, at any time without penalty. Principal and accrued interest will be payable upon termination of the Note on December 31, 2015.
As Eros and Lincoln have an insider in common (holding greater than 10% of each company’s issued and outstanding shares), the Loan constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company relied upon the applicable exemptions under MI 61-101 from the formal valuation and minority shareholder approval requirements in relation to the Loan.
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 gold property in Nevada and the Oro Cruz gold property in California. 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.