Goldflare Exploration Inc. announced a private placement that it will issue 2,500,000 units at a price of CAD 0.20 per unit for the gross proceeds of CAD 500,000 on November 6, 2023. Each unit consists of 2 common shares at a price of $0.02 each + 4 Flow-Through shares at a price of $0.04 each + 6 warrants, allowing the holder to acquire one common share at a price of CAD 0.04 per share, for a period of 12 months following the closing of the transaction. The transaction is expected to close on November 30, 2023.

The transaction is subject to the finalization of formal documentation, regulatory approvals and conditional on the approval of the TSX Venture Exchange. The securities to be issued as part of the financing will be subject to a minimum holding period of four months plus one day following the closing date.