Astra Exploration Inc. (TSX-V: ASTR) (OTCQB: ATEPF)  is pleased to announce the closing of its previously announced private placement of 10,080,690 common shares of the Company at a price of C$0.62 per Share for aggregate gross proceeds of C$6,250,027.80, including the partial exercise of the underwriters’ option.

The Offering was led by Cormark Securities Inc., as lead underwriter and sole bookrunner, together with Beacon Securities Limited, and Research Capital Corporation.

The Company intends to use the net proceeds from the Offering for exploration expenditures on the La Manchuria project and for general working capital purposes as described in the offering document related to the Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and the Company’s website at www.astra-exploration.com.

The Shares were sold in reliance of Part 5A.2 of National Instrument 45-106 Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, and will not be subject to a hold period in Canada.

In consideration of the services rendered by the Underwriters in connection with the Offering, on closing the Company paid to the Underwriters a cash commission equal to 6% of the gross proceeds of the Offering, subject to a reduction to 3% for orders on the president’s list.

Michael Gentile, an existing shareholder and insider of the Company, participated in the Offering and acquired 282,300 Shares for gross proceeds of C$175,026. The participation of such person in the Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company has determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Section 5.5(a) and Section 5.7(1)(a) of MI 61-101, as neither the fair market value of securities issued to such person nor the consideration paid by such person exceeded 25 percent of the Company’s market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of closing of the Offering because the details of the Offering and insider participation had not been confirmed and the shorter period was necessary in order to permit the Company to close the Offering in a timeframe consistent with usual market practice for transactions of this nature.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such registration requirements. This news release does not constitute an offer to acquire securities in any jurisdiction.

The Offering remains subject to final approval of the TSX Venture Exchange.

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.