ATHA Energy Corp (CSE:SASK, OTCQB:SASKF) said it has completed its previously announced private placement financing, raising gross proceeds of approximately C$23,494,532.20 by issuing a combination of charitable federal flow-through common shares, charitable Saskatchewan flow-through shares, and ATHA subscription receipts.
The mineral exploration company said net proceeds of the offering will be used to advance exploration and development of ATHA’s uranium assets, as well as for working capital and general corporate purposes.
"Today’s close of ATHA’s ~$23.5 million financing demonstrates the strong institutional support for ATHA’s scaled exploration strategy and upon closing of our recently announced acquisitions, will provide the company with approximately C$65 million to fully fund our planned exploration activities to provide leading exploration exposure in the uranium sector," ATHA Energy CEO Troy Boisjoli said in a statement.
The charitable federal flow-through common shares were issued at a price of C$1.57 each, while charitable Saskatchewan flow-through shares were priced at C$1.75 a piece, and the subscription receipts were issued at C$1 per.
ATHA noted that in connection with the offering, the agents were paid a cash fee as set out in the Agency Agreement.
ATHA Energy is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties.
The company holds the largest cumulative exploration package in the Athabasca Basin, the world’s most prominent basin for uranium discoveries, with 3.4 million acres along with a 10% carried interest portfolio of claims operated by NexGen Energy Ltd and Iso Energy Ltd.