19 Oct 2020material agreement● Neutral
A thirteenth modification extended the Gibbs credit facility to year-end 2020.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2020material agreement▲ GoodMajor
Days after walking away from Langtry, Athena signed a letter of intent with Nubian Resources to option Nubian's Excelsior Springs gold exploration project in Nevada, paying with 50 million Athena shares -- the company's pivot from silver back toward gold, and the start of its relationship with Nubian.
29 Apr 2020material agreement termination▼ BadMajor
Athena terminated its decade-old Langtry lease/option outright, while separately securing a conditional 1% royalty on any future silver production there (contingent on paying off a remaining $100,000 owed under a 2015 royalty-buydown deal with Mobil) -- effectively giving up direct control of its flagship silver project while retaining a thin royalty claim on it.
24 Feb 2020material agreement▼ Bad
An eleventh modification pushed the Gibbs facility's maturity to mid-2020, alongside a revised, reduced Langtry option-payment schedule -- signs Athena was renegotiating obligations down amid tight finances.
6 Nov 2019debt financing● Neutral
A tenth modification further extended the Gibbs facility.
6 Aug 2018debt financing● Neutral
An eighth modification extended the Gibbs credit facility again.
28 June 2018capital raising announcement▼ Bad
Director LeRoy Wilkes converted $16,500 in accrued director's fees into 330,000 shares at $0.05 -- a fraction of 2013's $0.26 price, reflecting years of decline while the Gibbs credit facility kept being extended in the background.
14 Oct 2016debt financing● Neutral
A fifth modification to the Gibbs credit facility, plus a new $45,000 unsecured note from CEO Power -- insider financing continued propping up the company.
15 Mar 2016material agreement● NeutralMajor
Athena replaced its Langtry lease with an entirely new 20-year lease/option, resetting option payments and royalty terms -- a comprehensive refresh of the deal underpinning the project since 2010, with $130,000 of deferred rent from the old lease still owed on exercise.
6 May 2015debt financing▼ Bad
Athena converted $51,270 in unpaid legal fees owed to outside counsel Clifford Neuman into a convertible note at $0.0735/share -- deferring cash obligations further via equity-linked debt to insiders.
31 Mar 2015material agreement● Neutral
A third modification to the Gibbs credit facility.
21 Jan 2015material agreement● Neutral
A third amendment to the Langtry lease/option.
2 Jan 2014material agreement● Neutral
A second modification to the Gibbs credit agreement.
23 Dec 2013material agreement● Neutral
A second amendment to the Langtry lease/option with the Strachan trust.
6 June 2013debt financing● Neutral
Athena renewed and extended its roughly $1 million convertible credit facility from Gibbs for another year at a $0.50/share conversion price, framing it as low-dilution funding for Langtry amid renewed industry interest in the surrounding Calico district.
11 Apr 2013capital raising announcement● Neutral
Athena's three directors were granted 200,000 stock options at $0.26/share (the then-market price), vesting immediately -- routine board compensation.
20 Feb 2013capital raising announcement● Neutral
Athena issued 1,000,000 shares (valued at $150,000) to satisfy terms of the first amendment to its Langtry lease/option.
29 Nov 2012material agreement● Neutral
Athena amended its Langtry lease/option with the Strachan family trust for the first time, keeping its flagship option in good standing.
19 July 2012capital raising announcement▼ BadMajor
Athena formalized its insider financing with John Gibbs into the '2012 credit agreement': an unsecured $1 million facility at 5% interest, convertible into stock at $0.50/share, initially due July 2013. This is the facility later referenced through years of extensions and ultimately settled in Jan 2021 by handing Gibbs the entire Langtry-holding subsidiary. Athena also issued 25,000 shares for services.
19 June 2012capital raising announcement● Neutral
Financial consultant John Donaldson converted $26,000 in accrued accounting fees into 100,000 shares.
11 June 2012asset acquisition disposition● Neutral
Athena completed the $135,500 purchase of that 661-acre Lava Beds parcel -- funded entirely by another Gibbs promissory note -- and assigned it to subsidiary Athena Minerals. Title insurance would be unavailable for about a year, typical for a tax-auction purchase.
25 May 2012asset acquisition disposition▲ Good
Athena announced it had won a tax-auction bid to buy 661 acres of undeveloped land in the Lava Beds mining district, near its flagship Langtry project.
16 May 2012capital raising announcement▼ BadMajor
Athena converted $286,831 of accumulated promissory notes and advances into 1,147,324 shares -- one of the largest debt-to-equity conversions yet, folding a big chunk of accrued insider financing into equity.
2 May 2012debt financing● Neutral
Gibbs advanced another $25,000, this time interest-free -- the insider credit line kept growing.
23 Mar 2012debt financing● Neutral
Gibbs advanced a further $125,000, unsecured and due on demand.
23 Mar 2012debt financing● Neutral
A same-day amendment simply re-filed the March 18 promissory note by reference -- no new information.
9 Feb 2012capital raising announcement● Neutral
Gibbs advanced Athena Minerals another $25,000, and the company issued GVC Capital warrants over 143,000 shares (exercise price $0.25) as a nominal-cost advisory fee, with GVC reallocating them to 14 associated persons.
5 Jan 2012capital raising announcement● Neutral
A further 17,500 shares went to marketing consultant Bill Fishkin in lieu of cash.
4 Jan 2012debt financing● Neutral
Gibbs extended two more unsecured $50,000 notes to keep Athena funded -- insider lending remained the company's main source of capital.
9 Sept 2011capital raising announcement● Neutral
Athena signed a $20,000 marketing/website services deal with Accredited Members Inc., paid half in cash and half (16,949 shares) in stock.