Astra Exploration Receives $1,025,000 from Early Exercise of Warrants, and Commences Drilling at La Manchuria, Argentina

Rhea-AI Summary

Astra Exploration (TSXV: ASTR) (OTCQB: ATEPF) has received C$1,025,000 from the early exercise of 10,250,000 warrants originally set to expire in November 2025. The company now has 94,670,103 common shares outstanding. Insider Michael Gentile exercised 3,708,333 warrants at $0.10 each, increasing his ownership to 17,925,000 shares (18.93% non-diluted).

Combined with a recently announced C$1,000,000 non-brokered private placement, the company's treasury is expected to exceed C$3,000,000. Additionally, Astra has commenced drilling at its La Manchuria project, with a planned 2,500-metre DDH drilling program across 10-15 holes, expected to complete in six weeks. The program aims to expand near-surface, high-grade gold and silver intercepts in previously undrilled areas.

Positive

• Early warrant exercise provides C$1,025,000 in immediate funding
• Treasury expected to exceed C$3,000,000 with additional private placement
• Drilling program commenced at La Manchuria project
• Strong insider participation with Michael Gentile increasing stake to 18.93%
• Shares from financing locked until November 2025, showing long-term investor commitment

Negative

• Share dilution with 10,250,000 new shares issued

Vancouver, British Columbia--(Newsfile Corp. - April 22, 2025) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) (FSE: S3I) ("Astra" or the "Company") is pleased to announce that it has received proceeds of approximately C$1,025,000 related to the exercise of 10,250,000 warrants. The warrants were issued in relation to a private placement completed in November 2024, with an expiry of November 7, 2025. As of the date of this news release, the Company now has 94,670,103 common shares issued and outstanding.

Astra's CEO, Brian Miller commented: "The early exercise of warrants is a major boost of confidence and keeps the company's share structure closely held by our foundational long-term investors. The shares issued in the November 2024 financing, and this warrant exercise are both restricted for trading until November 2025, which demonstrates the commitment of these investors. The early exercise was led by Michael Gentile, Mason Resources, and members of the Astra management team. The funds from this warrant exercise, plus $1,000,000 from the recently-announced non-brokered private placement offering, would bring the treasury balance to over C$3,000,000.

We are also pleased to announce that drilling is underway and on-schedule at La Manchuria, where testing for extensions of near-surface, high-grade gold and silver veins has commenced in previously undrilled areas. Astra shareholders are at a watershed moment as the Company accelerates through multiple catalysts while precious metals restore their historic role as hedge against inflation and market volatility."

An insider of the Company, Michael Gentile, has increased his shareholdings via the exercise of 3,708,333 warrants. The warrants, acquired through a private placement transaction completed in November 2024, had an exercise price of $0.10 and were set to expire on November 7, 2025. After consideration of this transaction, Mr. Gentile owns 17,925,000 shares representing 18.93% of the Company on a non-diluted basis.

Commencement of Drilling at La Manchuria

Drilling equipment was mobilized to the La Manchuria project during the week of March 31^st, and drilling commenced early the week of April 6^th. The program will consist of approximately 2,500 metres of DDH drilling in 10-15 holes and is expected to take approximately six weeks to complete.

The goal of the drill program is to expand the near surface, high-grade gold and silver intercepts defined by historical drilling, into areas which have not been previously drill-tested. This will include targets along strike with, and parallel to, known high-grade veins and extensions at depth. The Company plans to update the market with further details regarding drill targets in the coming weeks.

About the Company

Astra Exploration Inc. is a precious metals exploration company based out of Vancouver, BC that is actively building a portfolio of high-quality projects in some of the most important mining jurisdictions in Latin America.

The La Manchuria gold-silver project in Santa Cruz, Argentina, over which Astra has an option to acquire 90% interest, is a high-grade gold and silver low sulphidation epithermal (LSE) deposit located in the prolific Deseado Massif which hosts multiple world-class LSE precious metals deposits including Cerro Vanguardia and Cerro Negro.Santa Cruz, Argentina.

The 100% owned Pampa Paciencia gold and silver project in northern Chile is located in the Paleocene mineral province in proximity to such major operating mines as Spence and Sierra Gorda. The project shares several important geological similarities to other Paleocene LSE gold-silver deposits including Faride and El Peñón.

The 100% owned Cerro Bayo project in northern Chile is located in the Maricunga belt approximately 20 km from the Refugio Mine. The project hosts a high sulphidation epithermal (HSE) +/- porphyry gold system with similarities to the Salares Norte deposit to the north in the same belt. The Maricunga belt is one of the most endowed regions in the world for gold and copper deposits.

Qualified Person

The technical data and information as disclosed in this news release has been reviewed and approved by Darcy Marud, who is an Independent Director of Astra. 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: brian.miller@astra-exploration.com

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.

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 including drilling at the La Manchuria project; expected closing and net proceeds of the recently-announced non-brokered private placement offering; and expected funds in the treasury of the Company. Such statements represent the Company'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.sedarplus.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 factors 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 any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249313

FAQ

How much did Astra Exploration (ATEPF) raise from the early warrant exercise in April 2025?

Astra Exploration raised C$1,025,000 from the early exercise of 10,250,000 warrants that were originally set to expire in November 2025.

What is the scope of Astra Exploration's (ATEPF) La Manchuria drilling program in 2025?

The La Manchuria drilling program consists of 2,500 metres of DDH drilling across 10-15 holes, targeting near-surface, high-grade gold and silver intercepts in previously undrilled areas.

What is Michael Gentile's ownership stake in Astra Exploration (ATEPF) after the warrant exercise?

After exercising 3,708,333 warrants, Michael Gentile owns 17,925,000 shares, representing 18.93% of the company on a non-diluted basis.

What will be Astra Exploration's (ATEPF) treasury balance after the warrant exercise and private placement?

The treasury balance is expected to exceed C$3,000,000 after combining the C$1,025,000 from warrant exercises and C$1,000,000 from the non-brokered private placement.