Athena Gold boosts private placement to C$3.1 million on strong demand

WHITE ROCK, BRITISH COLUMBIA - Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) announced Monday it has increased its previously announced non-brokered private placement from C$2 million to C$3.1 million due to strong investor demand. The junior miner, currently trading at $0.04 and with a market cap of $11.1 million, has seen its shares gain over 23% year-to-date despite being considered overvalued according to InvestingPro analysis.

The revised offering will consist of C$1.5 million in flow-through units priced at C$0.07 each, C$1.1 million in flow-through common shares qualifying for the Critical Mineral Exploration Tax Credit at C$0.07 per share, and C$500,000 in non-flow-through units at C$0.06 each.

Flow-through units will include one flow-through common share and half of a warrant, with each whole warrant exercisable at C$0.09 for 24 months. Non-flow-through units will consist of one common share and one full warrant exercisable at C$0.09 for 24 months.

Both warrant types contain an acceleration clause that can be triggered if Athena’s shares trade at or above C$0.14 for 10 consecutive trading days.

Proceeds from the flow-through portions will fund exploration at the company’s Laird Lake and Oneman Lake projects in Ontario, while non-flow-through proceeds will support additional exploration and general working capital.

The offering is expected to close in tranches, with the first closing anticipated in early December 2025, subject to regulatory approvals including from the Canadian Securities Exchange.

According to the press release statement, Athena is also contemplating a share consolidation to take place after the offering, likely before its drilling campaign planned for the first quarter of 2026.

Athena Gold focuses on precious and base metal exploration across North America, with projects including its Laird Lake property in Ontario’s Red Lake Gold District and the Excelsior Springs Project in Nevada.

In other recent news, Athena Gold Corporation announced a non-brokered private placement aimed at raising up to C$2 million. The offering includes up to C$1.5 million in flow-through common shares, each priced at C$0.07, and up to C$500,000 in non-flow-through units at C$0.06 per unit. Each non-flow-through unit comprises one common share and one purchase warrant, which is exercisable at C$0.09 for 24 months, with certain acceleration provisions. This fundraising initiative is part of Athena Gold’s recent developments to bolster its financial position. The private placement reflects the company’s strategy to secure additional capital. The offering’s structure, with both flow-through and non-flow-through options, provides flexibility for investors. Athena Gold’s announcement is a key update for investors monitoring the company’s financial activities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.