Queen's Road acquires $25M (U.S.) Atha Energy debenture

Executive Summary

• Queen's Road Capital Investment Ltd. acquired a $25-million (U.S.) convertible debenture from Atha Energy Corp. for investment purposes.
• The debenture is convertible into 40,152,941 common shares at a conversion price of $0.85 per share.
• Upon conversion, Queen's Road Capital would hold approximately 10.8% of Atha Energy Corp.'s issued and outstanding common shares.

Key Details

• Transaction Date: February 5, 2026
• Investor: Queen's Road Capital Investment Ltd.
• Instrument: Convertible Debenture
• Principal Amount: $25,000,000 USD (approximately $34,130,000 CAD)
• Conversion Terms:
  • Conversion Price: $0.85 per share
  • Number of Shares upon Conversion: 40,152,941 common shares
• Additional Consideration: Queen's Road Capital received 1,552,900 common shares as payment for an establishment fee.
• Total Post-Conversion Holding: 41,705,841 common shares (representing approximately 10.8% of Atha's issued and outstanding common shares).
• Previous Holdings: Queen's Road Capital held no securities of Atha Energy Corp. prior to this transaction.
• Purpose: Acquired for investment purposes; potential for future acquisitions or disposals depending on market conditions.

Notable Quotes

• "Queen's Road Capital is a dividend-paying, leading financier to the global resource sector... making investments in privately held and publicly traded companies."