Astra Exploration Closes Private Placement Financing
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ASTRA EXPLORATION INC. (TSX-V: ASTR, OTCQB: ATEPF, FSE: S3I)
NEWS RELEASE
Astra Exploration Closes Private Placement Financing
Vancouver, British Columbia – April 3, 2024 – Astra Exploration Inc. (TSX -V: ASTR, OTCQB:
ATEPF, FSE: S3I ) (“Astra Exploration” or the “Company”) is pleased to announce that it has
closed its previously announced non-brokered private placement financing (the “Offering”) for
gross proceeds of CAD $403,659.
Pursuant to the closing of the Offering, the Company issued 3,105,076 Units at a price of $0.13
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 $0.18 for a period of two years from the Offering closing date.
Use of Proceeds and Resale Restrictions
The proceeds will be used for exploration activities and for general working capital. In connection
with the Offering, t he Company will pay $5,174 cash and 39,803 warrants on a portion of the
proceeds and in accordance with applicable securities laws and the policies of the TSX Venture
Exchange.
The common shares and purchase warrants issued in this Offering will be subject to a statutory
hold period of four months plus one day from the date of issuance. Some securities issued in this
Offering may be subject to additional restrictions. The Offerin g is subject to TSX Venture
Exchange approval.
Certain directors and officers of the Company have participated in the Offering. Participation of
insiders of the Company in the Offering constitutes a related -party transaction as defined under
Multilateral Instrument 61-101 (“MI 61-101”). The issuance of securities is exempt from the formal
valuation requirements of Section 5.4 of MI 61 -101 pursuant to Subsection 5.5(b) of MI 61 -101
and exempt from the minority approval requirements of Section 5.6 of MI 61 -101 pursuant to
Subsection 5.7(b) of MI 61-101.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state
of the United States and may not be offered or sold within the United States or to, or for the
account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act)
unless registered under the U.S. Securities Act and applicable state securities laws or pursuant
to an exemption from such registration requirements.
About Pampa Paciencia
Pampa Paciencia is a 3,840 hectare road-access project hosting a large low sulphidation
epithermal (“LSE”) gold-silver system and large porphyry copper target located in one of the most
important mining jurisdictions in the world – less than 15 kilometres from two major mines (Sierra
Gorda and Spence) and about 5 kilometres from the Faride LSE mine.
Astra has completed drilling, mapping and sampling, geophysical surveys, and localized
trenching, at the Pampa Paciencia District, and in doing so has defined a vein boulder (float) field
over approximately 75% of the project area. The veins do not outcrop as the majority of the project
area is covered by a thin layer of gravels and caliche but the vein float can be used to identify
areas of high prospectivity. Exploration has presently confirmed over 2 kilometres of thick
epithermal veins with multiple sho ots of high -grade gold , and a separate but related large
porphyry-copper target.
About the Company
Astra Exploration Inc. is an exploration company based out of Vancouver, BC. Astra is engaged
in the acquisition, exploration and development of epithermal gold -silver properties in Chile and
is building a portfolio of high -quality projects. Astra’s curren t focus is the development of the
Pampa Paciencia Project.
Qualified Person
The technical data and information as disclosed in this news release has been reviewed and
approved by Darcy Marud. Mr. Marud is a Practicing Member of the Association of Professional
Geoscientists of Ontario and is a qualified person as defined under the terms of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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 C ompany’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.