Vancouver, British Columbia – TheNewswire - March 31, 2023 – ATHA Energy Corp. (“ATHA” or the “Company”) is pleased to announce that it has closed its previously announced acquisition of a diversified portfolio of mineral exploration assets and carried interests in the Athabasca Basin from The New Saskatchewan Syndicate (the “Acquisition”).  The Company also confirms that its previously issued subscription receipts have converted into common shares of the Company (the “Common Shares”) in accordance with their terms.

ATHA is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to acquire a 100% interest and title to the Golden Rose Property located in Northeastern Ontario and has acquired 3.3 million acres in the Athabasca basin in Saskatchewan and Alberta along with a 10% carried interest portfolio of claims operated by Nexgen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX-V: ISO). The formal conversion of the $33.7 million subscription receipts offering brings the Company’s cash balance to approximately $38 million.

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, each of Timothy A. Young (“Mr. Young”) (3123 – 595 Burrard Street, Vancouver, BC V7X 1J1) and Matthew J. Mason, (“Mr. Mason”) (1910-925 W. Georgia Steet, Vancouver, BC V6C 3L2) will file an early warning report (each an “Early Warning Report”) regarding the change in their respective ownership and/or control of securities of the Company.

Prior to the completion of the Acquisition, neither Mr. Young nor Mr. Mason beneficially owned or exercised control or direction over any securities of the Company. Following the Acquisition, Mr. Young beneficially owns or exercises control or direction over 17,565,000 Common Shares, representing approximately 13.93% and 13.85% of the issued and outstanding Common Shares on an undiluted and fully-diluted basis, respectively.  Following the Acquisition, Mr. Mason beneficially owns or exercises control or direction over 16,115,000 Common Shares, representing approximately 12.78% and 12.71% of the issued and outstanding Common Shares on an undiluted and fully-diluted basis, respectively.

Each of Mr. Young and Mr. Mason intend to review their respective investments in the Company on a continuing basis and may purchase or sell Common Shares, either on the open market or in private transactions, in each case, depending on a number of factors, including general market and economic conditions and other factors and conditions that Mr. Young and Mr. Mason, as applicable, deem appropriate. A copy of the Early Warning Reports for Mr. Young and Mr. Mason will be filed on the Company’s profile on SEDAR at www.sedar.com.  Copies may also be requested from the Company by contacting the Company’s Chief Executive Officer at 778-839-6579.  

ON BEHALF OF THE BOARD OF DIRECTORS:

Mike Castanho
Chief Executive Officer and Director

Email: mike@athaenergy.com
Phone: 778-839-6579

Forward-Looking Information

Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans," "targets," "expects" or "does not expect," "is expected," "an opportunity exists," "is positioned," "estimates," "intends," "assumes," "anticipates" or "does not anticipate" or "believes," or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might," "will" or "will be taken," "occur" or "be achieved." In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by ATHA as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of ATHA’s final prospectus dated March 23, 2023 available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect ATHA; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and ATHA expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the CSE nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES