Athena Gold closes final tranche of $3.5M placement

Executive Summary

• Athena Gold Corp. has closed the third and final tranche of its non-brokered private placement, fully funding the company for upcoming drilling activities.
• The final tranche raised $502,002.98, bringing the total gross proceeds from the entire offering to $3,500,028.99.
• Proceeds will be primarily used for exploration work on the Laird Lake and Oneman Lake projects in Ontario, with remaining funds allocated to general and administrative expenses.

Key Details

• Total Gross Proceeds: $3,500,028.99 raised across three tranches.
  • Tranche 1: $2,727,526.03
  • Tranche 2: $270,499.98
  • Tranche 3 (Final): $502,002.98
• Final Tranche Issuance Details:
  • Issued 7,142,900 flow-through units (FT units) at $0.07 per unit.
  • Issued 33,333 non-flow-through units (NFT units) at $0.06 per unit.
• Warrant Terms (FT Units):
  • Each FT unit includes one flow-through common share and one-half of a non-flow-through share purchase warrant.
  • Exercise Price: $0.09 per share.
  • Term: 24 months after closing.
  • Acceleration Clause: If the average VWAP on the Canadian Securities Exchange is at or above $0.14 for 10 consecutive trading days (triggering event occurs 4 months + 1 day after issuance), Athena may accelerate expiry with 10 calendar days' notice, causing warrants to expire 30 calendar days after the notice.
• Warrant Terms (NFT Units):
  • Each NFT unit includes one non-flow-through common share and one non-flow-through share purchase warrant.
  • Exercise Price: $0.09 per share.
  • Term: 24 months after closing.
  • Acceleration Clause: Identical terms to FT warrants (trigger at $0.14 VWAP for 10 days).
• Use of Proceeds:
  • FT Share Proceeds: Spent on Laird Lake and Oneman Lake projects in Ontario; qualifies as Canadian exploration expenses (renounced to purchasers with effective date no later than Dec. 31, 2025).
  • NFT Share Proceeds: Additional exploration work, general and administrative expenses, and working capital.
• Finder’s Fees:
  • Cash paid: $30,000.18.
  • Warrants issued: 428,574 non-transferable finders' warrants.
  • Finder's Warrant Terms: Exercisable for one common share at $0.09 per share for 24 months.
• Insider Participation: No insiders participated in the third tranche.
• Hold Period: All securities issued are subject to a four-month-and-one-day hold period.

Notable Quotes

• None provided in the text.