MLT Aikins advises ATHA Energy Corp. on completion of $23.5M equity financing

On December 28, 2023, ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA”) completed a private placement offering of 8,363,710 charitable federal flow-through common shares of ATHA at an issue price per share of $1.57, 3,636,290 charitable Saskatchewan flow-through common shares of ATHA at an issue price per share of $1.75, and 4,000,000 subscription receipts of ATHA at an issue price per subscription receipt of $1.00 for aggregate gross proceeds of approximately $23,494,532.20.

The 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.

The closing of this equity financing, along with the transactions described in our previous news post, are expected to result in ATHA possessing one of the largest uranium exploration portfolios in Canada. The combined company following the completion of the transactions is expected to provide shareholders with exposure to 7.1 million acres of exploration acreage spread across Canada’s top three uranium jurisdictions, representing one of the largest exploration portfolios in some of the highest-grade uranium districts in the world.

On December 28, 2023, Troy Boisjoli, Chief Executive Office of ATHA commented:

“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 $65 million to fully fund our planned exploration activities to provide leading exploration exposure in the uranium sector. The world is now entering what is anticipated to be an unprecedented upswing in the uranium cycle – one we feel is just the beginning. From inception, ATHA has been structured for this opportunity and the upcoming year will be an extremely exciting one for the Company as we continue to execute on key exploration and growth strategy objectives through 2024 and beyond.”

MLT Aikins is pleased to act as counsel to ATHA.

About ATHA

ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA 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. (TSX: NXE) and IsoEnergy Ltd. (TSX‐V: ISO).