Astra Exploration Inc. (TSXV: ASTR) has completed a non-brokered private placement for gross proceeds of C$1M.
The company confirmed the participation from Peter Marrone and Michael Gentile. Mr Marrone subscribed for 4,090,909 Units and now owns approximately 16.2% of Astra on a fully-diluted basis. Mr Gentile, CFA, subscribed for 1,000,000 Units and now owns approximately 17% of Astra on a fully-diluted basis;
“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,” Astra CEO, Brian Miller, said.
“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.
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 approach taken by Astra’s geologists has been effective, cost efficient and has potential to add tremendous value.”
Use of Proceeds
The net proceeds from the Offering will be used to fund exploration activities and for general working capital purposes.
For further information please visit: https://astra-exploration.com/