Mr. Brian Miller reports
ASTRA EXPLORATION ANNOUNCES $1M PRIVATE PLACEMENT WITH EXPECTED PARTICIPATION FROM MICHAEL GENTILE AND PETER MARRONE; MARRONE TO SIGNIFICANTLY INCREASE OWNERSHIP
Astra Exploration Inc. has arranged a non-brokered private placement of up to 9,090,909 units for gross proceeds of up to $1-million.
The offering will consist of 9,090,909 Units priced at $0.11 per unit, with each unit consisting of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share for $0.15 for a period of two years from closing the offering.
There are no commissions or finder's fees payable. Company management expects the financing will close on or before February 28.
The proceeds will be used for exploration activities on Astra's flagship Pampa Paciencia project in Northern Chile and for general working capital.
The Company is planning a trenching and mapping program to commence in the coming weeks to confirm and define newly discovered epithermal veins. In Q4 of 2022, Company geologists discovered approximately 2,000 metres of vein subcrop and surface float containing gold and silver with grades up to 5.33 grams per tonne gold equivalent (AuEq = 80). For more information see January 25, 2023 news release.
Prospectors & Developers Association of Canada - PDAC Participation
Astra Exploration will be participating at the Prospectors & Developers Association of Canada (PDAC) Conference from March 5th - 8th held in Toronto, Canada and will be located at booth #3235.
About Pampa Paciencia
Pampa Paciencia is a 3,840 hectare road-access low sulphidation epithermal ("LSE") gold-silver project located within an active mining district less than 15 kilometres from two major mines (Sierra Gorda and Spence) and about five kilometres from the Faride LSE mine.
Astra has completed drilling, mapping and sampling, geophysical surveys, and localized trenching, at the Pampa Paciencia Project, 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.
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 current focus is the development of the Pampa Paciencia Project.
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.
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