Astra Exploration Announces Fully-Subscribed Private Placement Financing With Strong Participation From Michael Gentile
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ASTRA EXPLORATION INC. (TSX-V: ASTR, OTCQB: ATEPF)
NEWS RELEASE
Astra Exploration Announces Fully-Subscribed Private Placement Financing With Strong
Participation From Michael Gentile
Vancouver, British Columbia – October 28, 2024 – Astra Exploration Inc. (TSX-V: ASTR, OTCQB:
ATEPF) (“Astra Exploration” or the “Company”) is pleased to announce a fully-subscribed non-
brokered private placement (the “Offering”) for a minimum gross proceeds of CAD $2,000,000.
Michael Gentile confirmed his participation for $495,000 or 8,250,000 units. Insiders of the
Company also expressed their intention to participate in the Offering.
The Offering will consist of a minimum of 33,333,333 Units priced at $0.06 per unit, with each unit
consisting of one common share and one-half common share purchase warrant ( each whole
warrant a “Warrant”). Each Warrant will entitle the holder to purchase one additional common
share for $0.10 for a period of twelve months from the Offering closing date. The shares issued
in the Offering will be subject to a twelve -month hold period, and shares obtained through the
exercise of the related warrants will also be subject to a twelve -month hold from the date of
exercise.
Before this private placement, Michael Gentile held 6,800,000 shares, representing 13.4% of the
total issued and outstanding shares , and 1,000,000 warrants. Upon closing of the Offering, Mr.
Gentile is expected to own 15,050,000 shares , equivalent to 17.9% of the total issued and
outstanding shares, and a total of 5,125,000 warrants, representing a 2 2.6% ownership on a
partially diluted basis.
Brian Miller, Chief Executive Officer of Astra Exploration, commented:
“Astra is well-positioned for a significant re-rate with this financing. We’ve maintained a very tight
share structure and now have funding for our first drill program at Manchuria. We are very pleased
that our largest shareholder, Michael Gentile, shares our enthusiasm for Manchuria and Pampa
Paciencia, and continues to invest in our vision of becoming a premier Latin American precious
metals developer.”
Michael Gentile commented:
“I was extremely impressed by my review of the Argentine Manchuria Project, which shows
significant potential for rapid and exciting development, with previous exploration yielding very
high-grade gold and silver; I invite everyone to review the publicly available information.
Additionally, I remain as enthusiastic as ever about Astra Exploration’s Pampa Paciencia Project
in Chile, which offers substantial value creation opportunities, supported by an exceptionally
strong capital structure.”
The proceeds will be used to fund a drill program on the Man churia Project (see press releases
dated July 9 and October 25, 2024) and for general working capital.
About the Company
Astra Exploration Inc. is a precious metals exploration company based out of Vancouver, BC that
is actively building a portfolio of high -quality projects in some of the most important mining
jurisdictions in Latin America. The Manchuria LSE gold -silver project over which Astra has an
option to acquire 90% interest, is located in the prolific Deseado Massif of Santa Cruz, Argentina
which hosts multiple world-class LSE precious metals deposits including Cerro Vanguardia and
Cerro Negro. Astra’s 100% owned Pampa Paciencia low sulphidation epithermal (LSE) gold-silver
project is located in the Paleocene mineral province of northern Chile in proximity to such major
operating mines as Spence and Sierra Gorda, and shares several important geological similarities
to other Paleocene LSE gold-silver deposits including Faride and El Peñón.
For further information please contact:
Brian Miller
Chief Executive Officer
Tel. 604.428.0939
Email: [email protected]
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not
necessarily indicative of mineralization hosted on the Company’s properties.
This news release may contain certain “Forward-Looking Statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”,
“target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward -
looking statements or information. These forward-looking statements or information may relate
to the Company’s business activities; exploration on the Company’s properties; completion of the
transactions contemplated by the Purchase Agreement; receipt of all required regulatory
approvals; and marketing initiatives. Such statements represent the Company’s current views
with respect to future events and are necessarily based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social risks, contingencies and uncertainties. Many
factors, both known and unknown, could cause results, performance or achievements to be
materially different from the results, performance or achievements that are or may be expressed
or implied by such forward -looking statements. Such factors include, without limitation:
development of the industry in which the Company operates; risks associated with the conduct of
the Company's business activities; risks relating to reliance on the Company's management team
and outside contractors; currency fluctuations; risks regarding the failure to generate sufficient
cash flow from operations; laws and regulations governing the industry in which the Company
operates; the ability of the communities in which the Company operates to manage and cope with
the implications of COVID -19; the economic and financial implications of COVID -19 to the
Company; operating or technical difficulties; employee relations, labour unrest or unavailability;
stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for
shareholders of the Company; litigation risk; and other risk factors disclosed in the Company’s
public disclosure documents available on the Company’s profile at www.sedar.com. Readers are
cautioned against attributing undue certainty to forward -looking statements or forward -looking
information. Although the Company has attempted to identify important factors that could cause
actual results to differ materially, there may be other factor s that cause results not to be
anticipated, estimated or intended. The Company does not intend, and does not assume any
obligation, to update these forward -looking statements or information to reflect changes in
assumptions or changes in circumstances or a ny other events affecting such statements and
information other than as required by applicable laws, rules and regulations.