Atha Energy announces $20M convertible debenture financing

ATHA Energy (SASKF) entered into a binding term sheet with Queen’s Road Capital Investment for a private placement of $20M principal amount of unsecured convertible debentures of the Company. Additionally, QRC will retain a two-year option to purchase an additional $20M Debentures at a price per common share equal to 130% of market price. Proceeds from the Offering will be used to fund the exploration and development of the Company’s Angilak Uranium Project located in Nunavut, Canada and for general corporate purposes. The principal amount of the Debentures will be convertible, in whole or in part, at the option of the holder thereof, into Shares at a price per Share of C$0.85 per Share, based on the Bank of Canada daily exchange rate and subject to adjustment in certain events