Goldflare Exploration Inc. — Capital/Financing Update 2021

Oct 15, 2021

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PRESS RELEASE

GOLDFLARE ANNOUNCES FLOW-THROUGH FINANCING

Piedmont (Quebec), October 15, 2021 – Goldflare Exploration Inc. (TSXV: GOFL) (“Goldflare” or “the Company”) announces flow-through private placement financing (the “Placement”) available to eligible investors, up to 13,636,363 flowthrough common shares of the Company, at a price of $0.055 per unit (1 = 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), for gross proceeds of approximately $750,000.

The funding is expected to close on or around October 29, 2021, and is subject to finalization of formal documentation and receipt of regulatory approvals, including approval from 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.

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.

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For more information:

Ghislain Morin Serge Roy CEO Chairman of the Board 819-354-9439 819-856-8435 ghislainmorin@goldflare.ca sergeroy@goldflare.ca

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.