Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2021asset acquisition disposition▼ BadMajor
Athena sold its entire Langtry-holding subsidiary, Athena Minerals, to TriPower Resources -- a company controlled by lender John Gibbs -- in exchange for wiping out roughly $2 million owed under the 2012 credit agreement plus accrued interest, keeping a two-year option to buy the subsidiary back for $2.6 million. The insider debt that had financed a decade of silver exploration was resolved, at the cost of the silver project itself, in a related-party deal.
5 Jan 2021capital raising announcement● NeutralMajor
A consolidated year-end filing bundled several transactions: Athena granted Stronghold Silver USA Corp an option (signed Dec 21, 2020) to acquire 100% of 36 unpatented Calico-district claims for $1 million by Dec 2025 -- a new counterparty over the Langtry-area silver ground, agreed just weeks before Athena transferred the entire Langtry-holding subsidiary to lender John Gibbs's TriPower Resources (Jan 14, 2021); how the two transactions interact isn't clear from this filing. Separately, Athena raised $123,000 cash, issued 5,000,000 shares to Nubian Resources under the new Excelsior Springs option, and converted $315,000 of 2012-era Gibbs advances plus $96,500 of accrued Power management fees into 9.1 million more shares -- clearing old insider debt right before the bigger TriPower settlement.
21 Dec 2020asset acquisition disposition▲ GoodMajor
Athena and Nubian signed a definitive, two-tranche option agreement for Excelsior Springs: an immediate 10% interest for 5 million Athena shares, with a further 90% purchasable by end-2021 for 45 million more shares -- formalizing the August letter of intent.
Months after ending its Langtry lease, Athena signed a binding letter of intent with Nubian Resources to acquire the Excelsior Springs gold project in Esmeralda County, Nevada. On a definitive agreement it would issue Nubian 50 million Athena shares.
Athena terminated its decade-old Langtry lease/option outright, while separately securing a conditional 1% royalty on any future silver production there (contingent on paying off a remaining $100,000 owed under a 2015 royalty-buydown deal with Mobil) -- effectively giving up direct control of its flagship silver project while retaining a thin royalty claim on it.
An eleventh modification pushed the Gibbs facility's maturity to mid-2020, alongside a revised, reduced Langtry option-payment schedule -- signs Athena was renegotiating obligations down amid tight finances.
Director LeRoy Wilkes converted $16,500 in accrued director's fees into 330,000 shares at $0.05 -- a fraction of 2013's $0.26 price, reflecting years of decline while the Gibbs credit facility kept being extended in the background.
A fifth modification to the Gibbs credit facility, plus a new $45,000 unsecured note from CEO Power -- insider financing continued propping up the company.
Athena replaced its Langtry lease with an entirely new 20-year lease/option, resetting option payments and royalty terms -- a comprehensive refresh of the deal underpinning the project since 2010, with $130,000 of deferred rent from the old lease still owed on exercise.
Athena converted $51,270 in unpaid legal fees owed to outside counsel Clifford Neuman into a convertible note at $0.0735/share -- deferring cash obligations further via equity-linked debt to insiders.
Athena renewed and extended its roughly $1 million convertible credit facility from Gibbs for another year at a $0.50/share conversion price, framing it as low-dilution funding for Langtry amid renewed industry interest in the surrounding Calico district.
19 July 2012capital raising announcement▼ BadMajor
Athena formalized its insider financing with John Gibbs into the '2012 credit agreement': an unsecured $1 million facility at 5% interest, convertible into stock at $0.50/share, initially due July 2013. This is the facility later referenced through years of extensions and ultimately settled in Jan 2021 by handing Gibbs the entire Langtry-holding subsidiary. Athena also issued 25,000 shares for services.
11 June 2012asset acquisition disposition● Neutral
Athena completed the $135,500 purchase of that 661-acre Lava Beds parcel -- funded entirely by another Gibbs promissory note -- and assigned it to subsidiary Athena Minerals. Title insurance would be unavailable for about a year, typical for a tax-auction purchase.
Athena announced it had won a tax-auction bid to buy 661 acres of undeveloped land in the Lava Beds mining district, near its flagship Langtry project.
Athena converted $286,831 of accumulated promissory notes and advances into 1,147,324 shares -- one of the largest debt-to-equity conversions yet, folding a big chunk of accrued insider financing into equity.
An amended filing says principal shareholder John D. Gibbs made a $25,000 unsecured advance, due on demand, on February 2, 2012. It also says the company sold warrants for 143,000 shares at $0.25 each, exercisable for five years, to GVC Capital under an advisor agreement, for $100. This continues the company's reliance on Gibbs for funding, ahead of the formal credit agreement signed in July 2012.
What it means for a shareholder
143,000 new shares at US$0.250 to raise about US$25,000. That's 0.439% dilution: every existing holder's slice gets 0.439% smaller. If you held US$1,000 of shares (4,000 at the issue price), your slice goes from 0.0123% to 0.0123% of the company. To keep it you'd need 18 more shares - about US$5 at the issue price.
