- Early exercise of 10,250,000 warrants raises C$1,025,000 for Astra Exploration (ATEPF, Financial).
- Company treasury to exceed C$3,000,000 with recent private placement addition.
- Drilling program launched at La Manchuria, targeting high-grade gold and silver.
Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) has secured C$1,025,000 through the early exercise of 10,250,000 warrants initially scheduled to expire in November 2025. This exercise has increased the total common shares outstanding to 94,670,103. Notably, insider Michael Gentile exercised 3,708,333 warrants at a price of $0.10 each, increasing his ownership stake to 17,925,000 shares or 18.93% of the company on a non-diluted basis.
In conjunction with a recent C$1,000,000 non-brokered private placement, Astra's financial position is expected to significantly strengthen with a treasury balance surpassing C$3,000,000. CEO Brian Miller highlighted that the early exercise boosts investor confidence and maintains a closely held share structure among long-term investors. These new shares are restricted for trading until November 2025, underscoring investor commitment.
The company has also commenced its drilling program at the La Manchuria project in Argentina. This initiative involves approximately 2,500 meters of diamond drilling (DDH) across 10-15 holes and is anticipated to be completed within six weeks. The program's objective is to extend the near-surface, high-grade gold and silver intercepts identified in historical data to previously unexplored areas. Astra Exploration plans to provide further updates on drill targets in the coming weeks.
