Michael Gentile Announces Filing of Early Warning Report Related to Acquisition of Units of Astra Exploration Inc.

Michael Gentile has acquired 7,416,667 units of Astra Exploration Inc. through a private placement.

Rhea-AI Summary

Michael Gentile has acquired 7,416,667 units of Astra Exploration Inc. through a private placement. Each unit includes one common share and half a warrant, with each full warrant allowing purchase of one common share at $0.10 for one year. Following this acquisition, Gentile now owns 14,216,667 common shares and 4,708,333 warrants, increasing his ownership to 16.91% undiluted and 21.31% on a partially diluted basis. The warrants include provisions preventing ownership from exceeding 19.99% of total shares. Gentile indicates a long-term investment perspective with potential for future acquisitions or dispositions based on market conditions.

Positive

• Significant increase in ownership position from 13.40% to 16.91% undiluted
• Strategic long-term investment perspective indicated
• Substantial warrant position providing future growth potential

Negative

• Warrant exercise limitations capped at 19.99% ownership
• Potential future share dilution from warrant exercises
• Risk of share price pressure from potential future sales

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Toronto, Ontario--(Newsfile Corp. - November 8, 2024) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition (the "Acquisition") of 7,416,667 units (the "Units") in the capital of Astra Exploration Inc. (the "Company") in the Company's private placement. Each Unit consisted of one common share (each, a "Common Share") in the capital of the Company and one-half of one whole Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.10 per Common Share for a period of one (1) year following closing.

Prior to the completion of the Acquisition, Mr. Gentile beneficially owned or controlled an aggregate of 6,800,000 Common Shares and 1,000,000 Warrants, representing approximately 13.40% of the Company's issued and outstanding on an undiluted basis and approximately 15.07% on a partially diluted basis. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, an aggregate of 14,216,667 Common Shares and 4,708,333 Common Share purchase warrants representing approximately 16.91% of the Company's issued and outstanding on an undiluted basis and approximately 21.31% on a partially diluted basis. The certificates representing the Warrants includes provisions that prevent Mr. Gentile from exercising his Warrants if, after giving effect to such exercise, Mr. Gentile, would in the aggregate beneficially own, or exercise control or direction over that number of Common Shares which is 19.99% or greater of the total issued and outstanding Common Shares, immediately after giving effect to such exercise.

The Common Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR+, or by contacting Michael Gentile at (514) 591-4227.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229223

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many units did Michael Gentile acquire in Astra Exploration (ATEPF)?

Michael Gentile acquired 7,416,667 units in Astra Exploration's private placement.

What is Michael Gentile's current ownership percentage in Astra Exploration (ATEPF)?

Following the acquisition, Michael Gentile owns 16.91% undiluted and 21.31% on a partially diluted basis of Astra Exploration.

What are the terms of the warrants in Astra Exploration's (ATEPF) private placement?

Each warrant allows purchase of one common share at $0.10 per share for one year, with an ownership cap of 19.99%.