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Financings

Lincoln Gold Announces Proposed Convertible Note Unit Issuance

By The Northwire Desk — AI Analysis Nov 26, 2025 · 09:00 LMG · 0.19 Lincoln Gold Mining Inc.
LMG · Price

Executive Summary

  • Lincoln Gold Mining Inc. announced the proposed issuance of convertible note units totaling CDN $650,000 to director Ian Rogers.
  • The transaction includes one unsecured convertible debenture and 3,250,000 common‑share purchase warrants at a $0.30 exercise price, with conversion rights at $0.20 per share.
  • Proceeds are earmarked for funding Nevada mining operations and general working capital; the issuance is subject to TSX Venture Exchange approval and disinterested shareholder consent due to control‑person considerations.

Key Details

  • Note Unit Structure: Each unit consists of one convertible debenture plus warrants equal to Principal ÷ Conversion Price (3,250,000 warrants total).
  • Principal Amount: CDN $650,000.
  • Warrant Terms: Exercise price $0.30 per common share; exercisable for 36 months from issuance.
  • Conversion Price: $0.20 per common share; conversion optional at holder’s discretion prior to maturity (36‑month term).
  • Interest Rate: 18% per annum, payable at maturity; accrued interest may be converted into shares subject to Exchange approval.
  • Maturity: 36 months from issuance unless earlier conversion occurs.
  • Maximum Shares Issuable on Full Conversion: 3,250,000 common shares (plus any exercised warrants).
  • Use of Proceeds: Fund Nevada mining operations, cover immediate expenses and other working‑capital needs; no finder’s fees will be paid.
  • Hold Period: Securities subject to a four‑month hold period under Canadian securities law.
  • Control Person Issue: Ian Rogers already controls ~20.7% of outstanding shares; issuance would raise his potential ownership to ~39.3% if fully converted, triggering the need for disinterested shareholder approval and possible exemptive relief.
  • Related Party Transaction: Director‑related transaction under MI 61‑101; company relies on exemption thresholds (transaction <25% market cap).
  • Early Warning Disclosure: Rogers’ post‑issuance ownership could exceed 19.99% of shares unless blocker provisions are applied pending approvals.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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