Mining
Friday, November 8th, 2024 6:38 pm EDT
Key Points
- Michael Gentile’s acquisition: Michael Gentile acquired 7,416,667 units of Astra Exploration Inc. in a private placement, with each unit consisting of one common share and one-half common share purchase warrant, exercisable at 10 cents per share for one year.
- Post-acquisition ownership: Following the acquisition, Gentile controls a total of 14,216,667 common shares and 4,708,333 warrants, representing approximately 16.91% of the company on an undiluted basis and 21.31% on a partially diluted basis.
- Investment purpose and future plans: Gentile acquired the shares for investment purposes with a long-term view, and he may acquire or sell additional securities depending on market conditions and other factors. The warrants include restrictions preventing him from owning 19.99% or more of the company through exercise.
Michael Gentile has filed an early warning report announcing the acquisition of 7,416,667 units in the capital of Astra Exploration Inc. in the company’s private placement. Each unit consisted of one common share in the capital of the company and one-half common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 10 cents per common share for a period of one year following closing.
Prior to the completion of the acquisition, Mr. Gentile beneficially owned or controlled an aggregate of 6.8 million common shares and one million warrants, representing approximately 13.40 per cent of the company’s issued and outstanding on an undiluted basis and approximately 15.07 per cent 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 per cent of the company’s issued and outstanding on an undiluted basis and approximately 21.31 per cent on a partially diluted basis. The certificates representing the warrants include 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 per cent 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 Mr. Gentile at 514-591-4227.
