Goldflare to issue 4.4M shares for debt of $220,231

Executive Summary

• Goldflare Exploration Inc. issued 4,404,634 common shares to settle $220,231.70 in outstanding debts, including a loan from CEO Michel Desjardins.
• CFO David Corbeil-Heneault resigned effective no later than April 15, to be replaced by a successor to be announced later.
• The company granted 260,000 common shares to the departing CFO as a severance package.

Key Details

• Debt Settlement: Issuance of 4,404,634 common shares at a deemed price of $0.05 per share.
• Debt Amount Settled: $220,231.70 in outstanding debts and accounts payable.
• Creditor Details: The settlement includes a loan granted to the company on June 5, 2025, by CEO Michel Desjardins.
• Regulatory Compliance: Transaction complies with TSX Venture Exchange Policy 4.3 and does not create a control person.
• CFO Resignation: David Corbeil-Heneault resigned effective no later than April 15.
• CFO Tenure: Mr. Corbeil-Heneault served since 2022.
• Reason for Departure: Leaving to pursue new professional opportunities.
• Severance Package: Grant of 260,000 common shares to Mr. Corbeil-Heneault.
• Severance Valuation: Deemed price of $0.05 per share.
• Successor Status: To be announced in a subsequent press release.
• Approval Status: All transactions subject to final approval of the TSX Venture Exchange.