Lincoln Gold Announces Oversubscription of Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / May 27, 2021 / Lincoln Gold Mining Inc. ("Lincoln" or the "Company") (TSXV:LMG) is pleased to announce that, further to its press release dated May 5, 2021, its previously announced private placement will be oversubscribed. The Company now proposes to issue up to 2,770,000 units of the Company (the "Units") at a price of $0.15 per Unit to raise gross proceeds of up to $415,500. Net proceeds from the Private Placement will be primarily used towards the mine operations permitting process for the Pine Grove Gold Project in Nevada, a pre-feasibility study and for general working capital purposes.

Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.25 for a period of 24 months from the closing of the Private Placement.

Closing of the Private Placement is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Certain insiders of the Company may acquire Units under the Private Placement. Finders' fees may be payable in connection with the Offering and those qualified persons involved as finders will receive a cash fee of up to 7% of the proceeds raised and such number of warrants (having the same terms as the warrants forming part of the Units) equal to up to 7% of the total number of Units sold.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

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