Athena Capital Markets

Leading independent, financial and strategic advisory merchant bank specializing in energy and diversified growth sectors

About Us


In Greek mythology, Athena was the Goddess of wisdom, commerce, and strategic warfare. In an ever-changing investment environment, we believe skill in each of these areas is a pre-requisite for success. 

At Athena Capital Markets, we strongly align our interests with that of our clients to find creative and value-add solutions.


We leverage our 30+ years of combined experience in investment banking and equity research to identify undervalued opportunities, and/or ideas that pre-empt an asymmetric shift in risk/reward for the client.

With extensive capital markets experience - and having seen cyclical highs and lows - we aim to stay ahead of structural moves in funds-flow within markets.


Merchant banking and advisory firm with a concentrated focus: Energy and Diversified Growth.

Raised and advised on >$185 million for natural resource and diversified companies since 2017.

Demonstrated success introducing sophisticated capital to quality domestic and international issuers.

Our Team

Michael A. Zuk - Managing Partner


Before founding Athena as Managing Partner, Mr. Zuk was Capital Markets Advisor for Blackbird Energy. There he assisted in the company becoming the best performing Canadian oil and gas stock in 2016, as well as raising $25MM in equity capital. His industry experience also extends to Strategic Oil and Gas wherein he was VP, Business Development, successfully raising $100MM in equity. Prior thereto Mr. Zuk was an Equity Research Analyst at Stifel Nicolaus covering large cap and small cap oil & gas producers ($50MM-$10B market cap). At Stifel, he developed a proprietary valuation methodology which helped earn him a top-10 Starmine Analyst ranking based on absolute and excess return, for two years. Mr. Zuk also has Equity Research experience at TD Newcrest and Raymond James, working alongside a top-ranked Analyst in the junior and senior producer space. In aggregate, Mr. Zuk has over 12 years’ experience in both capital markets and industry, both of which have yielded him an extensive clientele of US/Canadian institutional investors. 

Arthur H. Kwan, MBA, CFA, ICD.D - Strategic Partner


Mr. Kwan has held increasingly senior investment banking positions with Scotia Capital, Peters & Co. and PI Financial, culminating as the Managing Director and de facto Head of Energy Investment Banking for Paradigm Capital.  Mr. Kwan has led the origination, negotiation, and execution of many investment banking transactions including: mergers, acquisitions, divestitures, initial public offerings, short-form prospectus offerings, private placements of equity, debt, and hybrid securities, and restructurings. Over his career, he has originated, advised, negotiated, executed, and closed on transactions with an aggregate value exceeding $1 billion.

Other Partners

Athena has built a comprehensive team of senior industry and capital markets professionals with extensive experience in restructuring mandates, M&A deals, as well as private equity/debt solutions. We also have access to an extensive network of professionals in public policy, law, accounting, and regulatory analysis in addition to working relationships with financial institutions in Canada/USA.

Recent Clients


Advisory Board


Garth Braun - Director, Pipestone Energy Corp.


Mr. Braun was Chairman, Chief Executive Officer and President of Blackbird. Mr. Braun is a seasoned oil and gas executive with over 15 years of oil and gas experience combined with 30 years of diversified business experience in finance and real estate. Over the past several years, Mr. Braun led Blackbird through the successful acquisitions of two E&P companies, the divestiture of non-core Montney assets, the accumulation of its Montney land at Elmworth and the drilling of Blackbird's Elmworth Montney wells. Mr. Braun is also a founder and director of Stage Completions Inc., an innovative downhole completions company.  

Mr. Braun was previously the Chairman and Chief Executive Officer of an international oil and gas company, an investment banker and a principal of a private real estate development company that completed over $1 billion in real estate development.    


Adrian Morante, CFA - Portfolio Manager, K2 & Associates Investment Management Inc.

Adrian Morante joined K2 in April 2014 as a Vice President and focuses on the firm's energy investment portfolio. Prior to K2, Adrian worked at Acuity Investment Management and AGF Investments as an energy-focused analyst. Adrian is a CFA Charterholder and holds a Bachelor of Commerce from Ryerson University. In 2013 Adrian received the Brendan Woods TopGun Investment Mind Award.


A. Jeffery Tonken, President and Chief Executive Officer, Birchcliff Energy Ltd.

Mr. Tonken is a director and the President and Chief Executive Officer of Birchcliff. He has more than 36 years of experience in the oil and natural gas industry and is one of the Corporation’s founders. Prior to creating Birchcliff, Mr. Tonken founded and served as President and Chief Executive Officer of Case Resources Inc., Big Bear Exploration Ltd. and Stampeder Exploration Ltd. Mr. Tonken was previously a Partner of the law firm Howard, Mackie (now Borden Ladner Gervais LLP). Mr. Tonken is a Governor of the Canadian Association of Petroleum Producers (CAPP). Mr. Tonken received his Bachelor of Commerce degree from the University of Alberta and his Bachelor of Laws degree from the University of Wales.

Contact Us

Athena Capital Markets Ltd.

#300, 400 - 5th Avenue SW Calgary, AB Canada



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