2 June 2011capital raising announcement● Neutral
Athena issued 24,000 shares for marketing services and a further 150,000 shares to settle accrued 2010-2011 accounting fees -- continued reliance on stock instead of cash to pay service providers.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2011capital raising announcement● Neutral
Athena issued 375,337 shares to satisfy an option payment due under the March 2010 Langtry lease -- paying its exploration-stage rent in stock rather than cash.
5 Apr 2011drilling result▲ GoodMajor
Athena's first drill program at Langtry validated the historical silver estimate: ten vertical holes largely replicated 1970s-era results from Superior Oil, with intercepts as strong as 4.47 oz/ton silver over 85 feet -- an early, encouraging confirmation of the project's resource potential.
23 Mar 2011capital raising announcement▲ GoodMajor
Athena Silver announced it had completed a $607,500 private placement -- 2,430,000 shares at $0.25, well above the $0.10 price of its 2010 raises -- a step up in both raise size and per-share price suggesting improving investor interest in Langtry.
What it means for a shareholder
2.4m new shares at US$0.250 to raise about US$607,500. That's 7.6% dilution: every existing holder's slice gets 7.6% smaller. If you held US$1,000 of shares (4,000 at the issue price), your slice goes from 0.0136% to 0.0126% of the company. To keep it you'd need 331 more shares - about US$83 at the issue price.
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7 Mar 2011auditor change● Neutral
Athena dismissed longtime auditor Schumacher & Associates -- in place since 2004, its reports had flagged going-concern doubt every year -- and engaged MaloneBailey LLP. No disagreements cited.
6 Jan 2011asset acquisition disposition▲ GoodMajor
Athena Silver sold its now-dormant brewing subsidiary, Golden West Brewing, to CEO Power and investor Gibbs for $100, issuing them 2.5 million shares in exchange for indemnifying Athena against the subsidiary's roughly $1 million in remaining liabilities -- the final severance of the beer business, leaving Athena a pure-play mining explorer.
17 Nov 2010capital raising announcement● Neutral
Two more service providers, Todd Huss and Dave Strachan, converted a combined $4,650 in fees into 46,500 shares.
10 Nov 2010capital raising announcement▲ Good
Athena Silver raised $300,000 selling 3,000,000 shares at $0.10 -- mostly to two related parties plus one outside investor -- continuing to fund Langtry exploration.
What it means for a shareholder
3.0m new shares at US$0.100 to raise about US$300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Aug 2010capital raising announcement● Neutral
Two service providers, Donaldson Consulting Services and Ben Kirby, converted a combined $20,000 in accrued fees into 200,000 shares -- more of the same debt-to-equity settlements with vendors.
23 Aug 2010capital raising announcement● Neutral
Legal counsel Clifford Neuman converted another $50,000 of accrued fees into 625,000 shares -- the same stock-for-services pattern recurring.
4 Aug 2010capital raising announcement● Neutral
Principal shareholder John Gibbs advanced Athena Silver a further $25,000 unsecured loan and again took a stock financing fee (50,000 shares) on top of the note's interest -- Gibbs's insider lending, already underway since 2007, continued.
30 July 2010debt financing● Neutral
An amendment to the July notes corrected a due-date typo (2010 to 2011) -- no new substance.
28 July 2010debt financing● Neutral
CEO Power and investor John Gibbs each advanced $25,000 in unsecured notes -- the same insider-financing pattern that funded the brewing years now bankrolls Athena's silver exploration instead.
25 June 2010material agreement● Neutral
Athena Silver assigned its remaining beer trademarks and IP to Mendocino Brewing, severing its last tie to the legacy brewing business.
30 Apr 2010financial restatement▼ BadMajor
Newly renamed Athena Silver disclosed its FY2008 and early-2009 financial statements could no longer be relied on: related-party debt forgiveness had been wrongly booked as a gain rather than contributed capital, forcing a restatement of the 10-K and three 10-Qs.
22 Apr 2010capital raising announcement▲ Good
Athena Silver raised another $200,000, selling 2,000,000 shares at $0.10 to a mix of related parties and outside investors for working capital -- continued funding of the Langtry exploration push.
What it means for a shareholder
2.0m new shares at US$0.100 to raise about US$200,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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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.
5 Feb 2010capital raising announcement▲ GoodMajor
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.
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7 Jan 2010material agreement▲ GoodMajor
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.
2 July 2009asset acquisition disposition▼ Bad
Golden West completed the sale of its former brewery equipment for $170,000, closing out the discontinued Chico brewing operation.
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.
6 May 2009debt financing▼ Bad
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.
5 Mar 2009material agreement▼ Bad
Golden West hired an equipment broker to sell off the idled Chico brewery machinery, mopping up after the prior month's shutdown.
13 Feb 2009material agreement▼ BadMajor
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.
6 Jan 2009capital raising announcement▼ BadMajor
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.
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.)
14 Mar 2008debt financing▼ Bad
A further $50,000 loan, personally guaranteed by CEO Power and secured against the Blue Marble Brewing assets -- the financing squeeze continued.
18 Dec 2007debt financing▼ BadMajor
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.
14 Sept 2007capital raising announcement● NeutralMajor
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.