Astra Exploration raises $15 million from upsized bought deal
Astra Exploration Inc. [ASTR-TSXV, ATEPF-OTCQB] has raised $15 million from an upsized bought deal private placement financing and will use the proceeds for exploration and development of the La Manchuria project in Santa Cruz Argentina.
The private placement consisted of 19.4 million common shares priced at 77 cents per share and the amount raised is up from earlier targets of $13 million and $10 million, and included the full exercise of the underwriters’ over-allotment option. Michael Gentile, an existing shareholder and insider of the company, participated in the offering, acquiring 324,700 shares for gross proceeds of $250,019.
Astra shares advanced on the news, rising 1.28% or $0.01 to 79 cents. The shares trade in a 52-week range of 90 cents and 16.5 cents.
La Manchuria 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. Astra has an option to acquire a 90% interest in the project from Patagonia Gold Corp.
In a press release on April 15, 2026, the company announced the final batch of assays, consisting of five diamond drill holes from the Phase II drill program at La Manchuria.
Drilling highlights in the West Feeder of the Main Zone included 500 g/t silver and 1.46 g/f gold from 115 metres, including 0.5 metres of grade 2,197 g/t silver and 6.23 g/t gold at 116.8 metres.
Going forward, the company said the 5,000 metres completed to date, will be referred to as Phase II and the upcoming fully-funded 5,000-metre program will be referred to as Phase III.
“The 5,000 metre Phase II drill program at La Manchuria has validated the current geological model, confirming a low-sulphidation epithermal system consisting of at least four subparallel vein sets,’’ said Astra Exploration Director Diego Guido.
A total of 25 holes were completed in late 2025, totalling 5,119 metres. The Phase II dill program focused on expanding the near-surface footprint of mineralization with shallow (plus 200-metre vertical depth) drill holes. Five holes reported in the company’s latest press release focused on the Main Zone, with one hole in the Eastern Zone and one hole in the Road Zone.
The company said the West Feeder has been outlined by drilling along a strike length of 750 metres and contains some of the thickest veins and highest grades currently known at La Manchuria. It remains open in all directions. The Phase 11 program demonstrates that shallow bulk disseminated mineralization is open in all directions, with 23 of 25 Phase II holes intersecting potentially economic gold and silver grades. Many of the high grades intersected in Phase 11 were concentrated in the West Feeder and Main Zone. Phase 11 more than doubled the drilled area, and expanded the system to four parallel systems of veins with approximately 750 metres of strike length.