Goldflare Announces Shares Issued in Settlement of Debt and the Departure of Its Chief Financial Officer

Executive Summary

• The Board approved issuance of 4,404,634 common shares at $0.05 each to settle $220,231.70 of outstanding debts and accounts payable.
• CFO David Corbeil‑Héneault resigned effective no later than April 15, 2026; the Board granted him 260,000 common shares as a severance package (deemed price $0.05 per share).
• No change in control resulted from these transactions; they remain subject to TSX Venture Exchange final approval.

Key Details

• Equity Issuance for Debt Settlement: 4,404,634 common shares issued at a deemed price of $0.05 per share to extinguish $220,231.70 of debt and accounts payable, including a loan dated June 5, 2025 from CEO Michel Desjardins.
• CFO Resignation: David Corbeil‑Héneault will step down no later than April 15, 2026; the Board expressed gratitude for his service since 2022.
• Severance Grant: The Board approved a grant of 260,000 common shares to Mr. Corbeil‑Héneault as part of his severance, also at a deemed price of $0.05 per share.
• Regulatory Compliance: Transactions comply with TSX Venture Exchange Policy 4.3 and do not create a control person; they require final approval by the exchange.
• Successor Announcement: The Company will announce the new CFO in a subsequent press release.

Notable Quotes

(No direct quotes were provided in the release.)