Goldflare Announces the Adoption of a New Stock Option Plan

PIEDMONT, July 24, 2023 - Goldflare Exploration Inc. (TSXV:GOFL) ("Goldflare" or "the Company") announces that its board of directors has approved a new "rolling 10%" stock option plan (the "New Plan") subject to approval of the Company's shareholders. The New Plan has been conditionally approved by the TSX Venture Exchange and will be submitted to the Company's shareholders for approval at its 2023 annual meeting of shareholders. The New Plan will replace the Company's "fixed number" stock option plan. Pursuant to the New Plan, the board of directors may grant stock options to directors, officers, employees, and consultants of the Company up to a maximum of 10% of the total the number of issued and outstanding shares of the Company from time to time, less any shares reserved for issuance under the "fixed number" option plan. More details about the New Plan are provided in the management information circular for the 2023 annual meeting of shareholders.

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SOURCE: Goldflare Exploration Inc.