PIEDMONT, QC, Nov. 2, 2022
/CNW Telbec/ - Goldflare Exploration Inc. (TSXV:
GOFL) ("Goldflare" or "the Company") announces the closing of
a private placement of $130,000
offered to eligible investors at a price of $0.05 per unit (1 unit
= 1 common share + 1 warrant allowing the
holder to acquire 1 common share at a price of $0.065 per share, for a period of 24 months
following the closing of the Placement). The offering totals
2,600,000 common shares.
Three insiders participated to this placement. No intermediary
fees were engaged. Seeing this is a related party transaction
within the meaning of TSXV Policy 5.9 and Multilateral Instrument
61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101"), the Company intends to rely on
exemptions from the formal valuation and minority approval
requirements, as neither the fair market value of the securities
being issued to insiders, nor the consideration being paid by such
insiders, exceeds 25% of the Company's market capitalization.
The offering is subject to final approval from the TSX Venture
Exchange.
The securities to be issued will be subject to a minimum holding
period of four months plus one day.
The placement proceeds will be used for working capital
requirements.
SOURCE Goldflare Exploration Inc.