Athena closed a non-brokered private placement of 14,500,000 units at CDN$0.07 for gross proceeds of CDN$1,015,000. Each unit carried one share and one two-year warrant at CDN$0.10, with proceeds to fund the 2023 Excelsior Springs drill program and general costs.
What it means for a shareholder
14.5m new shares at C$0.070 to raise about C$1.0m. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held C$1,000 of shares (14,286 at the issue price), your slice goes from 0.0105% to 0.00949% of the company. To keep it you'd need 1,522 more shares - about C$107 at the issue price.
Athena granted 250,000 stock options to newly appointed technical advisory committee member George Mannard, a geologist credited with the Louvicourt base-metal discovery -- a credibility addition to the technical team as Excelsior Springs exploration continued.
Follow-up drilling confirmed and extended the DB-23 discovery in both directions, prompting Athena to name the area the "Western Slope Zone" and float the possibility of a much larger intrusion-related gold system.
A second amendment says the private placement closed on October 31, 2022 at CAD $704,616 from 8,807,700 units at CAD $0.08, which is CAD $40,000 more than previously announced because of an extra 500,000-unit subscription. The press release says a company insider bought 860,200 units for CAD $68,816. Each unit carries a warrant at CAD $0.12 for 24 months. This finalises the offering reported in the earlier amendment.
An amended filing reports the final closings of the company's (now Athena Gold) private placement in September 2022. The offering was raised from CAD $500,000 to CAD $650,000, and 8,307,700 units were sold in total for CAD $664,616. Each unit is one share plus a warrant to buy another share at CAD $0.12 for two years. Finder's fees were $14,748 in cash and 184,350 broker warrants, and proceeds are for exploration and working capital. This continues the Canadian-dollar financings that began in 2021.
What it means for a shareholder
8.3m new shares at about US$0.0602 to raise about US$500,000. That's 6.2% dilution: every existing holder's slice gets 6.2% smaller. If you held US$1,000 of shares (16,615 at the issue price), your slice goes from 0.0131% to 0.0123% of the company. To keep it you'd need 1,090 more shares - about US$66 at the issue price.
A further CDN$304,800 raised (3,810,000 units at CDN$0.08) in the first tranche of a new offering, this time sold entirely to non-US investors under Regulation S.
What it means for a shareholder
3.8m new shares at C$0.080 to raise about C$304,800. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held C$1,000 of shares (12,500 at the issue price), your slice goes from 0.00987% to 0.00958% of the company. To keep it you'd need 376 more shares - about C$30 at the issue price.
Athena announced assay results for nine of the 11 holes in its 2022 phase 1 reverse circulation drill program at Excelsior Springs in Esmeralda County, Nevada. The 8-K itself gave no individual intercepts.
Athena agreed to buy outright, for $185,000, two patented claims -- including the historic high-grade Buster Mine -- that it had previously only leased as part of Excelsior Springs, converting a leasehold into owned ground. (Filed as a farm-in/farm-out agreement, but the filing describes a straight cash purchase from an arm's-length seller, not a farm-in -- corrected here.)
Athena raised another CDN$500,000 (6,250,000 units at CDN$0.08) via the same Reg D/Reg S structure, paying finder's fees on part of the placement -- ongoing financing for Excelsior Springs exploration.
What it means for a shareholder
6.3m new shares at C$0.080 to raise about C$500,000. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held C$1,000 of shares (12,500 at the issue price), your slice goes from 0.0104% to 0.00991% of the company. To keep it you'd need 652 more shares - about C$52 at the issue price.
