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.
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