Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2010capital raising announcement● Neutral
Athena Minerals signed the definitive 20-year Lease and Option to Purchase for the 413-acre Langtry property, superseding a preliminary Sale and Purchase Agreement from December 2009 -- formalizing the deal underpinning Athena's new silver-mining identity. 220,000 shares were issued as part of the consideration.
Newly renamed Athena Silver Corporation sold the first tranche of a private offering -- 1,095,000 shares at $0.10 for $109,500 cash -- the first capital raised under the new mining identity, with a further tranche to follow.
What it means for a shareholder
1.1m new shares at US$0.100 to raise about US$109,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The company abandoned brewing altogether: new subsidiary Athena Minerals optioned a 413-acre patented silver/barite claim block in San Bernardino County's Calico Mining District -- decades-old, unverified estimates put roughly 52 million ounces of silver on the property -- and shareholders approved renaming the company Athena Silver Corporation. A full pivot from beer to mining.
19 June 2009capital raising announcement▼ BadMajor
Outside counsel Clifford Neuman converted $100,000 in accrued fees and a convertible debenture into 2.5 million shares priced at a 20% discount to market -- the brewery paying off an insider with deeply discounted stock as cash ran out, shortly before the business was wound down and repurposed as a mining shell.
More insider financing: $24,000 notes from both outside counsel Clifford Neuman and CEO Power, plus a factoring arrangement pledging the beer subsidiary's receivables -- the cash crunch from the brewery wind-down persisted.
Golden West restructured internally, moving its beer trademarks into a new subsidiary and handing all actual brewing to Mendocino Brewing under a production agreement. Its own Chico, CA brewery was shut down and its equipment marked for resale, with an impairment charge to follow -- the company was giving up manufacturing to survive as a beer marketer only.
Golden West's brewing subsidiary borrowed $200,000 via a 6% convertible debenture secured by essentially all its tangible and intangible assets -- a sign of tightening finances as the brewery's viability came into question, about a year before it was abandoned for mining.
17 July 2008material agreement termination▼ BadMajor
The Fish Brewing acquisition fell through -- Golden West and the seller mutually rescinded the deal, apparently unable to meet the ownership-threshold condition.