Athena Gold raises $3.5 million in private placement financing

Athena Gold Corporation (CSE:ATHA)(OTCQB: AHNRF) completed a private placement financing that raised CDN $3.5 million across three tranches, according to a company statement.

The final tranche closed with proceeds of CDN $502,003 through the issuance of 7,142,900 flow-through units at CDN $0.07 per unit and 33,333 non-flow-through units at CDN $0.06 per unit. The first tranche raised CDN $2,727,526, while the second tranche generated CDN $270,500.

Each flow-through unit consists of one flow-through common share and half of a warrant exercisable at CDN $0.09 for 24 months. Each non-flow-through unit includes one common share and one warrant with the same exercise terms. Both warrant types contain acceleration clauses that allow the company to shorten the exercise period if shares trade above CDN $0.14 for 10 consecutive days after a four-month hold period.

The company will use flow-through proceeds for exploration at its Laird Lake and Oneman Lake projects in Ontario, qualifying as Canadian Exploration Expenses under the Income Tax Act. Non-flow-through proceeds will fund additional exploration work and general corporate purposes.

Athena Gold paid CDN $30,000 in finder's fees and issued 428,574 finder's warrants in connection with the final tranche closing. All securities are subject to a four-month hold period.

The company's Laird Lake project covers 4,000 hectares in Ontario's Red Lake Gold District, located approximately 10 kilometers from West Red Lake Gold's Madsen mine. Recent surface sampling at the property returned results up to 373 grams per tonne gold.

You May Also Be Interested In

• Phillips 66, Marathon Merger Talks Collapsed - Semafor
• Berkshire adds significantly to Alphabet position, starts small position in DR Horton
• Active options: AVGO MSTR PLTR SNDK SMCI NBIS MSFT META GOOGL NU NFLX ONDS