Business
Astra Exploration Closes $1M Private Placement with Participation from Peter Marrone and Michael Gentile; Marrone Increases Ownership
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Astra Exploration Inc. (TSXV: AST...
About this update from Astra Exploration Inc
[{"type":"text","content":"Astra Exploration Closes $1M Private Placement with Participation from Peter Marrone and Michael Gentile; Marrone Increases OwnershipVancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) (\"Astra Exploration\" or the \"Company\") is pleased to announce that it has completed a non-brokered private placement of 9,090,910 Units at a price of $0.11 per Unit for gross proceeds of CAD $1.0 million.The Offering consisted of 9,090,910 units (the \"Units\") at $0.11 per Unit, with each Unit consisting of one common share (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.15 for a period of 24 months from the date of closing. There were no commissions or finder's fees paid.The Company is pleased to report participation from Peter Marrone and Michael Gentile:Peter Marrone subscribed for 4,090,909 Units and now owns approximately 16.2% of Astra on a fully-diluted basis;Michael Gentile, CFA, subscribed for 1,000,000 Units and now owns approximately 17% of Astra on a fully-diluted basis;CEO Brian Miller commented: \"It is a great endorsement to have the continued support of investors who understand the potential at Pampa Paciencia, including Mr. Gentile, Mr. Marrone, and former management of Yamana who are familiar with El Penon and the shared similarities. Mr. Marrone's understanding of Pampa Paciencia is well-aligned with that of the Company, and we are pleased that he's more than doubled his interest with this financing.\"Mr. Miller continues: \"Pampa Paciencia contains widespread mineralized float samples and several kilometres of discrete linear magnetic features - features that are very similar to those which were instrumental in discovering the veins we drilled last season. The new discovery of mineralization in a rhyolite, if following the El Penon analogue, could be an indicator of higher precious metal grades. Given this and the facts that the entire project is covered by a thin layer of sediment and has never been systematically explored, it is reasonable to expect there to be several kilometres of mineralized veins yet to be discovered in what might be best described as an emerging epithermal district. What's more, the systematic and methodical approa...