Athena Gold Fully Funded for Drilling with $3.5 Million Non-Brokered Private Placement Complete
Executive Summary
- Athena Gold closed the third and final tranche of its private placement, raising CDN $502,002.98, bringing total proceeds to CDN $3,500,028.99.
- Units were issued at CDN $0.07 (flow‑through) and CDN $0.06 (non‑flow‑through); each unit includes common shares and warrants exercisable at CDN $0.09 for 24 months.
- Proceeds will fund exploration on the Laird Lake and Oneman Lake projects in Ontario, with additional funds allocated to general & administrative expenses and working capital.
Key Details
- Tranche Amounts:
- First tranche – CDN $2,727,526.03
- Second tranche – CDN $270,499.98
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Third tranche (closed) – CDN $502,002.98
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Units Issued in Third Tranche:
- 7,142,900 flow‑through units (FT Units) at CDN $0.07 per unit
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33,333 non‑flow‑through units (NFT Units) at CDN $0.06 per unit
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Unit Composition:
- FT Unit: 1 flow‑through common share + ½ of a non‑flow‑through warrant; whole warrant exercisable for 1 non‑flow‑through share at CDN $0.09, 24‑month term, with acceleration clause tied to a “Triggering Event.”
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NFT Unit: 1 non‑flow‑through common share + 1 non‑flow‑through warrant; same exercise price and terms as FT warrants.
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Triggering Event for Warrants: Average VWAP ≥ CDN $0.14 for 10 consecutive trading days, occurring at least 4 months + 1 day after issuance, allows Athena to accelerate expiry with 10‑day notice.
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Use of Proceeds:
- FT Unit proceeds → Laird Lake and Oneman Lake Projects (Ontario) as Canadian Exploration Expenses, to be renounced by Dec 31 2025.
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NFT Unit proceeds → Additional exploration work on company properties, plus general & administrative expenses and working capital.
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Finder’s Compensation: Paid cash fee of $30,000.18 and issued 428,574 non‑transferable finder’s warrants (exercise price CDN $0.09, 24‑month term).
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Holding Period: All securities subject to a four‑month‑and‑one‑day hold period.
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Regulatory Notice: Securities not registered under the U.S. Securities Act; offering restricted to non‑U.S. persons.
Notable Quotes
- “The successful completion of this financing provides us with the capital needed to advance our high‑potential Laird Lake and Oneman Lake projects, while also supporting ongoing exploration and corporate operations.” – Koby Kushner, President & CEO, Athena Gold Corporation