Goldflare Announces the Closing of its Flow-Through Financing

PIEDMONT, QC, Nov. 5, 2021 /CNW Telbec/ - Goldflare Exploration Inc. (TSXV: GOFL) ("Goldflare" or "the Company") announces the closing of a flow-through private placement of 563 005 $ (the "Placement") offered to eligible investors at a price of $0.055 per unit (1 unit = 1 common share + ½ 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 11 136 451 flow-through shares. The securities to be issued will be subject to a minimum holding period of four months plus one day.

Three insiders have directly participated to the Placement, for which Goldflare will have to pay intermediary fees of 13 800$.

The offering is subject to final approval from the TSX Venture Exchange.

The Placement proceeds will be used to finance "Canadian exploration expenses" ("CEEs") (within the meaning of the Income Tax Act (Canada)) on the Company's mining claims located in Quebec, including on its Aiguebelle-Goldfields, Syénite Condor and Duplessis-Agar properties.

The Company will therefore agree to renounce these exploration expenditures in Canada with an effective date no later than December 31, 2021.

The TSX Venture Exchange and its regulatory service provider (as defined by the TSX Venture Exchange rules) cannot be held responsible for the accuracy or veracity of this press release.

SOURCE Goldflare Exploration Inc.

Ghislain Morin, CEO, 819-354-9439, [email protected]; Serge Roy, Chairman of the Board, 819-856-8435, [email protected]