Company gets 5% one-year credit facility with investor John D. Gibbs
By Devika Patel
Knoxville, Tenn., July 19 - Athena Silver Corp. obtained a $1 million 5% convertible credit facility on July 18, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal was conducted with investor John D. Gibbs.
The credit facility is due on July 31, 2013 and is convertible into common shares at a conversion price of $0.50, which is a 100% premium to the July 17 closing share price of $0.25.
"This is a very positive development for Athena as funding is now in place to aggressively move our flagship Langtry silver project forward," president John Power said in a press release. "The company completed its NI 43-101 technical report and initial resource estimate in May 2012 and quickly put together a financing plan on favorable terms in very challenging capital markets. We were anxious to move Langtry forward but didn't want to issue shares at our current stock price, so securing convertible debt financing at a significant premium above the market is positive news for our shareholders."
Athena is a silver exploration company in Boulder, Colo.
| Issuer: | Athena Silver Corp.
|
| Issue: | Convertible credit facility
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| Amount: | $1 million
|
| Maturity: | July 31, 2013
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| Coupon: | 5%
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Investor: | John D. Gibbs
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| Settlement date: | July 18
|
| Stock symbol: | OTCBB: AHNR
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| Stock price: | $0.25 at close July 17
|
| Market capitalization: | $9.65 million
|
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