Common Stock and Warrants

12 Months Ended

Dec. 31, 2024

Note 3 – Common Stock and Warrants

On December 23, 2024, the Company completed the third tranche of a non-brokered private offering consisting of CAD$131,000 of its Units at a purchase price of CAD$0.05 per Unit for a total of 2,620,000 Units. Each Unit consisted of one share of Common Stock and one-half common stock purchase warrant (“Warrant”). Each whole Warrants exercisable for three years to purchase one additional share of Common Stock at a price of CAD$0.12 per share. The transaction is part of the Company’s unregistered private offering of up to CAD$1,000,000 in Units at a price of CAD$0.05 per Unit.

On December 3, 2024, the Company completed the second tranche of a non-brokered private offering consisting of CAD$323,000 of its Units at a purchase price of CAD$0.05 per Unit for a total of 6,460,000 Units. Each Unit consisted of one share of Common Stock and one-half common stock purchase warrant. Each whole Warrants exercisable for three years to purchase one additional share of Common Stock at a price of CAD$0.12 per share. The transaction is part of the Company’s unregistered private offering of up to CAD$1,000,000 in Units at a price of CAD$0.05 per Unit.

On October 25, 2024, the Company completed the first tranche of a non-brokered private offering consisting of CAD$600,000 of its Units at a purchase price of CAD$0.05 per Unit for a total of 12,000,000 Units. Each Unit consisted of one share of Common Stock and one-half common stock purchase warrant. Each whole Warrants exercisable for three years to purchase one additional share of Common Stock at a price of CAD$0.12 per share. The transaction is part of the Company’s unregistered private offering of up to CAD$1,000,000 in Units at a price of CAD$0.05 per Unit.

On June 7, 2024, the Company issued an aggregate of 600,000 shares in the common stock of the Company to two independent directors and the Chief Financial Officer of the Company as compensation for their services.

On June 7, 2024, the Company issued 300,000 common stock to a vendor in settlement of an invoice for services totaling CAD$15,000.

In January 2024, the Company completed the sale of an aggregate of CAD$200,000 of its Units at a purchase price of CAD$0.04 per Unit for a total of 5,000,000 Units. Each Unit consisted of one share of Common Stock and one common stock purchase warrant exercisable for one year to purchase one additional share of Common Stock at a price of CAD$0.05 per share. $27,812 previously classified as a related party account payable was used towards the funds required for the investment in the private placement.

In January 2024, the Company issued 685,564 common stock to a vendor in settlement of invoices for services totaling CAD$34,278.

Effective December 29, 2023, the Company completed the sale of an aggregate of 16,546,699 shares of its Common Stock to a corporation incorporated under the laws of Ontario (“Vendor”) in consideration of the assignment by Vendor to the Company of an aggregate of 10 million shares of Common Stock of Nubian.

In April 2023 the Company completed a private placement in which we sold 14,500,000 units. Each unit was priced at C$0.07 and consisted of one share of the Company’s common stock and one stock purchase warrant granting the holder the right to purchase one additional share of common stock at a price of C$0.10. The warrants expire April 24, 2025. All securities issued in connection with the offering are subject to restrictions on resale in Canada and the United States pursuant to applicable securities laws and the policies of any applicable stock exchange. An additional 220,303 broker warrants were granted to a Canadian broker and C$7,921 as a placement fee. We realized total proceeds of $744,160 net of offering costs.

During January 2023, the Company executed a promissory note with John Gibbs, a related party discussed in Note 6, for $25,000. The Company issued 357,143 shares at C$0.07 per share as a part of the April 2023 private placement to settle this note payable.

The Company has issued warrants which have an exercise price in Canadian dollars while the Company’s functional currency is US dollars. Therefore, in accordance with ASU 815 - Derivatives and Hedging, the warrants have a derivative liability value. Outstanding subscription warrants were revalued as of December 31, 2024, with various inputs using a Black Scholes model. Broker warrants are valued at the time of issuance and not remeasured. The following is a summary of warrants issued and outstanding.

As of December 31, 2024:


Issue Date	Expiration Date	Exercise Price (CAD)	Valuation		Volatility	Warrants Issued

Subscription Warrants
4/14/2022	4/13/2025	$0.15	$	49,116	246%	6,250,000
4/24/2023	4/24/2025	$0.10		171,161	245%	14,500,000
1/17/2024	1/17/2025	$0.05		18,838	119%	5,000,000
10/25/2024	10/25/2027	$0.12		196,305	244%	6,000,000
12/3/2024	12/3/2027	$0.12		105,759	240%	3,230,000
12/23/2024	12/23/2027	$0.12		42,901	238%	1,310,000

			$	584,080		36,290,000
Broker Warrants
4/24/2023	4/24/2025	$0.10		7,954	117%	220,303

			$	7,954		220,303

Note: Subscription warrants issued 1/17/2024 expired on 1/17/2025, subsequent to year end.

As of December 31, 2023:

Issue Date	Expiration Date	Exercise Price (CAD)	Valuation		Volatility	Warrants Issued

Subscription Warrants
5/25/2021	5/31/2024	$0.15	$	6,210	140%	6,250,000
9/30/2021	5/31/2024	$0.15		3,002	136%	3,108,700
4/14/2022	4/13/2025	$0.15		21,707	107%	6,250,000
8/12/2022	8/12/2024	$0.12		6,501	120%	3,247,500
8/31/2022	8/31/2024	$0.12		5,182	119%	2,300,000
9/14/2022	9/14/2024	$0.12		6,978	119%	2,760,200
10/24/2022	10/24/2024	$0.12		1,278	111%	500,000
4/24/2023	4/24/2025	$0.10		81,104	108%	14,500,000

			$	131,962		38,916,400
Broker Warrants
4/14/2022	4/13/2024	$0.15		1,344	138%	70,000
8/31/2022	8/31/2024	$0.12		6,312	132%	104,250
9/14/2022	9/14/2024	$0.12		2,921	134%	80,100
4/24/2023	4/24/2025	$0.10		7,954	117%	220,303

			$	18,531		474,653

The following is a summary of warrants exercised, issued and expired:


	Total

Balance at December 31, 2022		24,935,560
Exercised		0
Issued		14,720,303
Expired		(264,810	)
Balance at December 31, 2023		39,391,053
Exercised		0
Issued		15,540,000
Expired		(18,420,750	)
Balance at December 31, 2024		36,510,303
Weighted average exercise price	$	0.11

- Definition

The entire disclosure for equity.

+ References

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+ Details

ATHENA GOLD CORP 10-K