- Astra Exploration (TSXV:ASTR) has closed a non-brokered private placement for just under C$2 million, including participation from respected active mining investor Michael Gentile
- Gentile purchased 7,416,666 units for C$445,000
- Astra Exploration is a precious metals exploration company building a project portfolio in strategic Latin American jurisdictions
- Astra Exploration stock has added 4.17 per cent year-over-year, but remains down by 58.33 per cent since inception in January 2022
Astra Exploration (TSXV:ASTR) has closed a non-brokered private placement for just under C$2 million, including participation from respected active mining investor Michael Gentile.
The junior miner will use the proceeds for a drill program on its 5,600-hectare Manchuria gold and silver project in Argentina, which features NI 43-101 indicated and inferred resources and multiple leads for further high-grade discoveries.
Astra issued 33,333,161 units priced at C$0.06, with each unit consisting of one common share and one half of one share purchase warrant, and each warrant entitling the holder to purchase one share for C$0.10 for one year after the financing’s closing date.
Gentile picked up 7,416,666 units for C$445,000, increasing his investment in Astra to 14,216,666 shares – plus 4,708,333 warrants – representing 21.3 per cent ownership on a partially diluted basis.
His stake complements his considerable presence in the junior mining space as founding partner and senior portfolio manager at Bastion Asset Management, strategic advisor to Northisle Copper and Gold (TSXV:NCX), and a director at Northern Superior Resources (TSXV:SUP), Radisson Mining (TSXV:RDS), Group Eleven Resources (TSXV:ZNG), Roscan Gold (TSXV:ROS), Solstice Gold (TSXV:SGC) and OnGold (TSXV:ONAU).
Astra insiders subscribed for 8,333,332 units for a total investment of C$499,999.92, while Mason Resources (TSXV:LLG) and a number of its co-investors and affiliates also opened positions in the company.
All shares issued are subject to a twelve-month hold period expiring on November 7, 2025.
Leadership insights
“This financing will fund drilling at the Manchuria project at the beginning of next year. A minimum of 2,500 metres is planned to follow up the high-grade gold and silver historic drill results completed by Barrick Gold and Patagonia Gold. With nearly 80 per cent of Astra’s issued and outstanding shares now held by a select group of long-term investors, positive drill results which prove our growth thesis have the potential to lead to a significant re-rating of the share price,” Brian Miller, Astra Exploration’s chief executive officer, said in a statement.
About Astra Exploration
Astra Exploration is a precious metals exploration company building a project portfolio in strategic Latin American jurisdictions. The company is currently active in Chile and Argentina.
Astra Exploration stock (TSXV:ASTR) opened unchanged trading at C$0.12 per share. The stock has added 4.17 per cent year-over-year, but remains down by 58.33 per cent since inception in January 2022.
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(Top photo of Michael Gentile at Xplor 2024 in Quebec: LinkedIn)
