Athena Gold increases private placement to $3.1 million from $2 million

Athena Gold Corporation (CSE:ATHA)(OTCQB: AHNRF) increased its non-brokered private placement to CDN $3.1 million from CDN $2 million due to investor demand, according to a company statement.

The offering will consist of CDN $1.5 million through flow-through units at CDN $0.07 per unit, CDN $1.1 million through flow-through common shares at CDN $0.07 per share, and CDN $500,000 through non-flow-through units at CDN $0.06 per unit.

Each flow-through unit includes one flow-through common share and one-half warrant exercisable at CDN $0.09 for 24 months. Non-flow-through units contain one common share and one warrant with the same exercise terms. Both warrant types include acceleration clauses if the company's shares trade at or above CDN $0.14 for 10 consecutive trading days after a four-month hold period.

The flow-through shares qualify for tax benefits under Canadian tax law, with the critical mineral exploration tax credit shares eligible for additional government tax credits. Proceeds from flow-through securities will fund exploration at the company's Laird Lake and Oneman Lake projects in Ontario.

Non-flow-through unit proceeds will support additional exploration work and general administrative expenses. The offering is scheduled to close in tranches, with the first expected in early December, subject to regulatory approvals including Canadian Securities Exchange approval.

All securities will have a four-month hold period from issuance. The company may pay finders' fees and stated that insider participation will not exceed 25% of fair market capitalization.

Athena Gold also indicated it is considering a share consolidation following the offering, likely before a drilling campaign planned for the first quarter of 2026.

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