ATHA Energy has issued 377,073 common shares to Queen’s Road Capital Investment Ltd. (QRC) to settle the share-based portion of the quarterly interest on its US$25 million convertible debenture. The announcement was made from Vancouver on November 2, 2026. The shares were issued at a price of US$0.663 (C$0.9307) and cover US$249,999.40 in interest, equivalent to roughly C$350,900.
The company’s stock trades on the TSX Venture Exchange under the symbol SASK, on the OTCQX as SASKF and in Frankfurt as X5U. ATHA is engaged in the acquisition, exploration and development of uranium assets. Its portfolio includes three wholly owned projects that have already moved beyond the discovery stage, including Angilak, in Canada’s Nunavut territory, and the CMB discoveries.
The mechanism is set out in the contract. The debenture, worth US$25 million with a 12% interest rate, was issued to QRC on February 5, 2026. Interest is paid quarterly: 8% in cash and 4% in common shares. The share issue price is the higher of the volume-weighted average price over the 20 trading days ending three days before the payment date and the minimum price permitted under TSXV rules.
The press release states that the securities were issued in accordance with the terms of the debenture. This is not an isolated transaction. On April 30, 2026, the company elected to pay US$236,110.99 of interest in shares, issuing 354,521 shares at US$0.666. On July 31, 2026, the amount was US$249,999.96, with 340,136 shares issued at US$0.735. The number of shares changes from quarter to quarter because the reference price varies: at US$0.663, more shares are needed than at US$0.735.
Paying the equity portion in shares leaves ATHA with more cash to allocate to work on its projects. QRC, a financier specializing in the mining sector, is gradually increasing its stake in the company’s capital. For the uranium market, supported by demand from existing reactors and new nuclear programs, the financing gives an exploration company the resources to keep moving forward.
The next quarterly payment date will show at what price the company will issue its next batch of shares. If exploration campaigns at Angilak and in the CMB areas deliver results, the stock’s valuation could directly affect the number of shares needed to cover interest.
