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Financings

Atha Energy increases Queen's Road placement to $34.5M

By The Northwire Desk — AI Analysis Jan 22, 2026 · 12:14 SASK · 0.81 Atha Energy Corp.
SASK · Price

Executive Summary

  • Atha Energy Corp. has upsized its private placement of convertible debentures with Queen's Road Capital Investment Ltd. (QRC) from a previous amount to a total principal of USD$25 million (approx. CAD$34.5 million).
  • The proceeds will be used to finance the exploration and development of the Angilak uranium project in Nunavut and for general corporate purposes.
  • The debentures carry a 12% annual interest rate (payable quarterly), with a conversion price of 85 cents per share, and include an option for QRC to acquire an additional USD$25 million in debentures.

Key Details

  • Transaction Size: Upsized to USD$25 million (approximately CAD$34.5 million) principal amount of unsecured convertible debentures.
  • Counterparty: Queen's Road Capital Investment Ltd. (TSX: QRC).
  • Use of Proceeds: Exploration and development of the Angilak uranium project (Nunavut, Canada) and general corporate purposes.
  • Interest Terms: 12% per annum, payable quarterly over a five-year term.
    • 8% per annum payable in cash.
    • 4% per annum payable in shares (subject to TSX-V approval), calculated based on the greater of the VWAP for the 20 trading days prior to the due date or the minimum price permitted by TSX-V policies.
  • Conversion Terms: Convertible into common shares at a price of 85 cents per share, based on the Bank of Canada daily exchange rate, subject to adjustment.
  • Additional Option: QRC has an option, exercisable for two years (subject to regulatory approvals), to acquire an additional USD$25 million in debentures on substantially the same terms, including a conversion price equal to 130% of the then-market price.
  • Fees: An establishment fee of 3% of the principal amount will be paid to QRC in cash or shares at closing, at QRC's option.
  • Investor Rights Agreement: The company will enter into an agreement with QRC containing voting alignment, standstill, and transfer restriction covenants.
  • Closing Conditions: Subject to customary conditions including due diligence, regulatory approvals (including TSX-V), definitive documentation, and no material adverse change.

Notable Quotes

  • No direct quotes from company executives were included in the provided text.
Read the original news release →

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