According to the agreement, Lincoln is liable to pay Laurion the deal amount in four parts, of which first installment of $350,000 was paid on 4 September 2012 while entering into letter agreement for the acquisition.
The second payment worth $350,000 is said to be made during agreement closure on 28 November 2012.
Meanwhile the third and fourth payments of $750,000 and $900,000 are to be done in 2013 after completion of a pre-feasibility study and five months following the study respectively.
Lincoln must shell-out additional $1.7m in exploration expenditures on the property by 28 June 2015 to earn a 100% interest in the Bell Mountain property from Globex Nevada.
The company would be required to pay annual advanced royalty payment of $20,000, credible against the royalty payable to Globex.
