Athena Silver Corporation (OTC:AHNR), a domestic silver exploration company focused in the Western United States, announced today, in a press release, a completed private placement of 2,430,000 shares of its common stock at $0.25 for gross proceeds of $607,500. As I write, shares of Athena Silver were up 2 cents at $0.46 per share on light volume of 1,500 shares compared to its average daily volume of just over 18,000 shares. The company has a market cap of $12 million and a 52-week range between $0.03 and $0.55 per share.After expenses of the offering, Athena expects to realize approximately $550,000 in net cash proceeds. A related party purchased 1,000,000 of the shares in the private offering.
John Power, President of Athena Silver Corporation said, "I am excited we have raised the funds to aggressively but prudently move our Langtry project forward. The proceeds from this private offering will be used to pay the final costs related to our recently completed drilling program, our annual lease payment under the Langtry lease and option, and other working capital purposes. In addition, once all of the assays from our drilling program have been completed and evaluated, we will have sufficient capital for our next important milestones including extensive metallurgical studies and possibly a N I 43-101 technical report to further assess and quantify the mineral resources on the property."
Athena also announced it made its annual lease payment on the Langtry claims March 15, 2011, marking the start of the second year of the lease and option. Langtry property owner and lessor, Bruce Strachan, said, "Athena has out-performed my expectations during the first year of the lease, and I'm truly impressed with the team of highly skilled professional geologists and consultants designing and guiding the exploration and development efforts. I continue to be extremely encouraged about the potential of this project."
For more information, please visit: www.athenasilver.com.
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