ATHA Energy Secures US$20M Five-Year Debenture with 12% Coupon Convertible at C$0.85
ATHA Energy Corp has entered into an agreement with Queen’s Road Capital to raise US$20 million through a five-year convertible debenture carrying a 12% annual coupon. The debenture is convertible into common shares at C$0.85 per share and is expected to close by month-end pending TSXV regulatory approval.
1. ATHA Energy Secures USD 20 Million Convertible Debenture Financing
ATHA Energy Corp. has entered into a binding term sheet with Queen’s Road Capital Investment Ltd. for the private placement of USD 20 million principal amount of unsecured convertible debentures. The five-year instrument carries a 12% annual coupon and is convertible into ATHA Energy common shares at a fixed price of C$0.85 per share. Proceeds will fund exploration and development activities across ATHA’s uranium portfolio.
2. Diversified Uranium Project Portfolio Across Canada’s Premier Basins
ATHA Energy’s asset base spans more than 7 million acres in the Athabasca Basin (Saskatchewan) and the underexplored Angikuni Basin (Nunavut and Labrador). The company holds three 100% ownership interests in post-discovery projects: the Angilak Uranium Project (Nunavut), the CMB Discoveries (Labrador) and the GMZ high-grade basement-hosted discovery in the Athabasca Basin. In addition, ATHA maintains a 10% carried interest in key NexGen- and IsoEnergy-operated Athabasca exploration initiatives.
3. Recent Drill Intercepts Highlight High-Grade Potential
Late-2025 drilling at the Angilak Uranium Project revealed intercepts of 8.16% U3O8 over 0.5 meters and 4.81% U3O8 over 1.1 meters within the newly identified Mineralized RIB Corridor. These results represent some of the highest uranium grades reported outside Saskatchewan’s Athabasca Basin, underscoring the Angikuni Basin’s emerging status as a high-potential uranium district.
4. Financing Closing and Next Steps
Completion of the convertible debenture financing is subject to customary regulatory approvals, including acceptance by the TSX Venture Exchange, and is expected by the end of January. ATHA Energy plans to allocate funds toward step-out drilling at its flagship projects, resource definition studies and potential early-stage development work, positioning the company for accelerated growth in the burgeoning uranium market.