Each one in plain English, with the numbers worked through for a shareholder.
9 June 2008material agreement● NeutralMajor
Golden West signed a stock purchase agreement to acquire a majority stake in Fish Brewing Company, an Olympia, WA organic microbrewery, contingent on rounding up enough other sellers to reach 51% ownership by June 30, 2008. (Filed under a debt-financing item code, but the filing's actual content is entirely about this acquisition attempt -- corrected here.)
Golden West's board approved a $350,000 credit facility from four company insiders, including CEO John Power -- convertible into stock at a discount to market and paying a stock-fee kicker on every advance. An early sign the brewer was leaning on related-party financing to stay afloat.
President John Power assigned $225,000 of advances the brewery owed him to two entities, Shana Capital and Webquest, which converted the debt into 300,000 shares of newly authorized Series A Convertible Preferred Stock -- the first instance of insider debt being restructured into equity, a maneuver the company (later Athena Silver, then Athena Gold) repeated for the next decade under the same CEO.
Golden West sold 282,000 shares for $93,060, with about a fifth of that paid not in cash but as a credit against its open legal bill with counsel Clifford Neuman -- an early instance of the stock-for-services pattern that recurred throughout the company's history.
Golden West Brewing raised $140,000 selling 400,000 units (stock plus two-year warrants) at $0.35 each to three accredited investors -- ordinary equity financing for the still-operating brewery.
What it means for a shareholder
400,000 new shares at about US$0.350 to raise about US$140,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Golden West Brewing Company (the corporate shell that later became Athena Gold) signed a two-year contract-brewing deal for Bison Brewing's beer and hired Bison's manager as its CFO -- a routine operating agreement from the craft-brewing business the company ran before its 2010 pivot to mining.
Golden West Brewing Company (the shell that later became Athena Gold) granted 400,000 stock options to five directors, employees and consultants at $0.50/share -- routine non-cash compensation during the brewery's early years, before any mining pivot.