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Lincoln Mining (TSXV:LMG) announced that following the closing of the Procon financing (announced Noveber 22, 2012), Lincoln has signed a definitive purchase agreement and closed the acquisition of the Bell Mountain property in Nevada for cost of $2,350,000 cash payable to Laurion. Before Lincoln can exercise the Bell Mountain option to acquire 100% interest in the property, the company must spend an addition $1,755,000 in exploration before June 28, 2015.
Lincoln Mining (TSXV:LMG) announced that following the closing of the Procon financing (announced Noveber 22, 2012), Lincoln has signed a definitive purchase agreement and closed the acquisition of the Bell Mountain property in Nevada for cost of $2,350,000 cash payable to Laurion. Before Lincoln can exercise the Bell Mountain option to acquire 100% interest in the property, the company must spend an addition $1,755,000 in exploration before June 28, 2015.
Details of the transaction include:
The purchase price for the transaction is an aggregate of $2,350,000 cash, payable by Lincoln to Laurion as follows:
- $350,000 within five business days following receipt by Lincoln and Laurion of all necessary TSX Venture Exchange approvals to the letter agreement between the parties dated September 4, 2012 (paid);
- $350,000 following completion of the $2,300,000 convertible debenture financing with Procon Mining and Tunnelling Ltd. (see Lincoln’s news release dated November 22, 2012). This payment was made to Laurion at the closing of the Bell Mountain transaction today;
- $750,000 on completion of a pre-feasibility study for the Bell Mountain property. Lincoln shall use its commercially reasonable efforts to complete the pre-feasibility study by June 30, 2013; and
- $900,000 on or before five months after completion of the pre-feasibility study.
Click here to view the full company press release. Â
