Peter Marrone Announces Acquisition of Units of Astra Exploration Inc.

Toronto, Ontario--(Newsfile Corp. - March 3, 2023) - Mr. Peter Marrone announces the acquisition of 4,090,909 units of Astra Exploration Inc. (the "Company") at a price of $0.11 per unit pursuant to a non-brokered private placement of 9,090,910 units completed by the Company on March 2, 2023. Each unit is comprised of one common share and one common share purchase warrant exercisable for one common share at a price of $0.15 per share for a period of 24 months.

Prior to the completion of the private placement, Mr. Marrone beneficially owned and controlled 1,650,000 common shares and 1,650,000 warrants of the Company. Following the completion of the private placement, Mr. Marrone beneficially owns and controls an aggregate of 5,740,909 common shares and 5,740,909 warrants representing approximately 12.0% of the Company's issued and outstanding shares on an undiluted basis, approximately 21.5% on a partially diluted basis after giving effect to the exercise of warrants held by Mr. Marrone and approximately 16.2% on a fully diluted basis.

The common shares and warrants were acquired for investment purposes. Mr. Marrone 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 securities of the Company on the open market tor 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 reference the Early Warnings Report, a copy of which will appear on the Company's SEDAR profile at www.sedar.com and may be obtained by calling Mr. Mark Bennett at (416) 869-5407. The Company's head office is at 1090 West Georgia Street, Suite 700, Vancouver, British Columbia V6E 3V7.

Peter Marrone
c/o Suite 2100, 40 King St. West.
Toronto, ON M5H 3C2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157086

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