16 Mar 2004farm in farm out agreement● NeutralMajor
Braden Technologies Inc. (the company, later renamed Lincoln Gold Corporation) agreed on March 15, 2004 to buy all 2,400,000 shares of Lincoln Gold Corp., a Nevada exploration company formed September 25, 2003, by issuing 24,000,000 of its own shares (ten for one). Closing was set for March 26, 2004 and depended on audited financials, with no assurance it would complete. If it closed, Lincoln Gold's former holders would own 67.8% of 35,400,000 shares, which the filing says would be a change of control; a $200,000 convertible note would also convert into 5,000,000 shares at $0.04. Lincoln Gold's assets were option rights on the Hannah and Lincoln Flat projects in Nevada (each $210,000 of cash payments over six years, plus a royalty) and 32 staked claims; the filing says no exploration had been done and the company lacked financing for it.