Lincoln Gold Announces Proposed Convertible Note Unit Issuance
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
Lincoln Gold Announces Proposed Convertible Note Unit Issuance
Vancouver, BC, August 26, 2025 – Lincoln Gold Mining Inc. (TSX.V: LMG) (“Lincoln Gold” or the
“Company”) announces that it proposes to issue convertible note units (the “Note Units”) to a director of the
Company for gross proceeds of C$200,000. Each Note Unit is comprised of one unsecured convertible
debenture of the Company (each, a "Note") and such number of common share purchase warrants in the capital
of the Company (“Warrants”) equal to the Principal (as hereinafter defined) divided by the Conversion Price
(as hereinafter defined), being 1,000,000 Warrants. Each Warrant is exercisable into one common share in
the capital of the Company (a “ Common Share”) at an exercise price of C$0.20 for a period of 36 months
from the date of issuance.
The Notes will have a maturity date (the “ Maturity Date”) of 36 months from the date of issuance, unless
previously converted in accordance with the terms of the Notes. From and after the date of issue of the Notes
until the Maturity Date, any principal amount (the “ Principal”) may be converted, at the option of the Note
holder, into Common Shares at a conversion price of C$0.20 per Common Share (the " Conversion Price"),
subject to receiving prior approval from the TSX Venture Exchange (the “ Exchange”) for the creation of a
new Control Person (as defined in Exchange policies), as applicable. A maximum of 1,000,000 Common
Shares will be issuable assuming the full Principal amount is converted.
Interest on the Notes will accrue at a rate of 18% per annum (the “Interest”), payable at maturity of the Notes.
Subject to the approval of the Exchange, the Company may elect to convert any portion of the accrued and
outstanding Interest into Common Shares, which will be issued at the closing price of the Common Shares on
the Exchange on the last trading day immediately prior to the announcement of such conversion.
Within 10 days of the Maturity Date, the Note holder may elect, at his sole option, to have the then outstanding
Principal repaid in cash or converted into Common Shares, in accordance with the terms of the Note and by
providing the Company with written notice of such election.
The Company intends to use the proceeds from the issuance of the Note Units to complete required mineral
lease, Bureau of Land Management and other payments in connection with the Company’s operations in
Nevada, and for immediate working capital purposes. No finder’s fees will be paid in connection with the
issuance of the Note Units.
All securities issued in connection with the issuance of the Note Units will be subject to a four-month hold
period from the date of issue under applicable Canadian securities laws and the policies of the Exchange. The
issuance of the Note Units is subject to Exchange approval.
The Exchange’s policies require disinterested shareholder approval where a transaction creates a new ‘Control
Person’, as defined in the policies of the Exchange. Ian Rogers currently has beneficial ownership, and control
and direction of, a total of 4,942,000 Common Shares, representing 20.70% of the issued and outstanding
Suite 400 – 789 West Pender Street
Vancouver, BC, V6C 1H2 Tel: 604-688-
7377 Web: www.lincolnmining.com
Common Shares. Accordingly, the Company is required to obtain disinterested shareholder approval prior to
completing the issuance of the Note Units. The Company intends to apply for exemptive relief to allow the
issuance of the Note Units to be completed prior to obtaining disinterested approval. If such relief is obtained,
it is expected that Mr. Rogers will be restricted from converting the Notes or exercising the Warrants to the
extent that doing so would result in him holding greater than 19.99% of the Common Shares at the time of
conversion or exercise, until disinterested approval from the Company’s shareholders and Exchange approval
for the creation of a new Control Person has been obtained.
Related Party Disclosure
Ian Rogers is a director of the Company and accordingly, the Offering constitutes a “related party transaction”
as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special
Transactions (“MI 61-101”). The Company is relying on the exemptions for the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as
no securities of the Company are listed on a specified market and neither the fair market value of the Notes
and Warrants or the consideration paid therefore exceed 25% of the Company’s market capitalization, as
determined in accordance with MI 61-101.
Early Warning Disclosure
Ian Rogers intends to acquire Notes in the principal amount of C$200,000, and 1,000,000 Warrants. As of the
date of this news release Mr. Rogers has beneficial ownership and control and direction of, 4,942,000 Common
Shares, representing 20.77% of the issued and outstanding Common Shares, based on there being 23,872,164
Common Shares issued and outstanding as of the date hereof. Following the acquisition of the Notes, Mr.
Rogers will continue to hold the same number of Common Shares, but will be entitled to obtain an additional
2,000,000 Common Shares upon the conversion of the Notes and exercise of the Warrants in full. After giving
effect to the conversion of the Notes and exercise of the Warrants in full, Mr. Rogers would have beneficial
ownership, and control and direction of, a total of 6,942,000 Common Shares, representing 26.8% of the issued
and outstanding Common Shares after giving effect to the conversion and exercise, assuming no further
Common Shares have been issued. As detailed above, if the Exchange permits the Note Units to be issued
prior to receipt of disinterested shareholder approval, it is expected that the Notes and Warrants will be subject
to blocker provisions, such that Mr. Rogers will not be able to convert any portion of the Notes or exercise
any Warrants that would result in him holding (directly or indirectly) over 19.99% of the issued and
outstanding Common Shares (after giving effect to such exercise), unless requisite shareholder and Exchange
approvals have been obtained.
An early warning report in respect of the Company will be filed by Ian Rogers with applicable Canadian
securities regulatory authorities and will be available on SEDAR+ ( www.sedarplus.ca) under the Company's
issuer profile. To obtain copies of the early warning report once filed by Ian Rogers, please contact Mr. Rogers
using the email address or phone number provided below.
The Notes and Warrants will be acquired by Ian Rogers for investment purposes. Depending on market
conditions and other factors, Mr. Rogers may, from time to time, acquire additional Common Shares, Common
Share purchase warrants or other securities of the Company or dispose of some or all of the securities in the
Company that it owns at such time. In addition, as a director, Mr. Rogers is eligible to receive, and may
receive, stock options of the Company pursuant to the Company’s stock option plan.
About Lincoln Gold Mining Inc.:
Lincoln Gold is a Canadian precious metals development and exploration company headquartered in
Vancouver, BC. The Company holds interest in the Bell Mountain gold-silver property that is fully permitted
and moving to production and a second larger project, the Pine Grove gold property which is in the final stages
of permitting. The two gold projects are within 61 air miles of each other, located in the highly prospective
Walker Lane mineral belt, known for its numerous gold and silver deposits. Lincoln is committed to maintaining
steady and robust progress towards its goal of becoming a mid-tier gold producer.
Lincoln Gold Mining Inc.
Ian Rogers, Chair of the Board
Phone: 403-991-6991
Paul Saxton, President & Chief Executive Officer
Phone: 604-688-7377
Email: [email protected]
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.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), and may not be offered or sold in the United States or to "U.S. Persons" (as such terms are defined in Regulation S
under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities
laws or in compliance with applicable exemptions therefrom. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or
sale would be unlawful.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities
legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events
or developments that the Company expects or anticipates will or may occur in the future, including expectations regarding
Exchange approval of the issuance of Note Units, the possibility for the Company to obtain exemptive relief to permit the
issuance of the Note Units prior to receipt of disinterested shareholder approval, approval of Ian Rogers as a Control
Person, and the use of proceeds from the issuance of the Note Units.
Generally, but not always, forward-looking information and statements can be identified by the use of words such as
“plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
“believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative
connation thereof. Such forward-looking information and statements are based on numerous assumptions, including
among others, the use of proceeds from the issuance of the Note Units.
Although the assumptions made by the Company in providing forward-looking information or making forward-looking
statements are considered reasonable by management at the time, there can be no assurance that such statements will
prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company’s plans or expectations include
that the Company will not use the proceeds from the issuance of the Note Units as stated herein, and the inability to obtain
Exchange or shareholder approval for the creation of a new Control Person.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking
information and statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking
statements or information. Forward-looking statements regarding Lincoln Gold and its proposed business activities are
subject to a number of risks, including those risks disclosed in the Company’s continuous disclosure materials accessible
on SEDAR+ (www.sedarplus.ca).