Goldrea Closes Non-Brokered Private Placement of Convertible Debentures

November 3, 2022 - Vancouver, British Columbia

Goldrea Resources Corp. (CSE:GOR, Frankfurt:GOJ, OTC:GORAF)(“Goldrea” or the “Company”) has closed its non-brokered private placement of secured convertible debentures (the “Debentures”) with an aggregate principal amount of $50,000.

The Debentures mature on the second anniversary of their issuance date. Interest will accrue on the Debentures’ outstanding principal at the rate of 10% per annum and will be payable every three months. The holders of the Debentures have the right at any time to convert the outstanding debt, in whole or in part, into common shares of the Company (a “Share”) at $0.025 per Share. In addition, the holders of the Debentures have been issued, as a loan bonus, 1,000,000 common share purchase warrants (each a “Warrant”) in aggregate, with each Warrant entitling its holder to purchase one Share at $0.05 during the two years following the warrant’s issuance.

The proceeds from the Debentures will be used by the Company to conduct exploration programs on its mineral properties and for general working capital. All securities issued under the private placement will be subject to a four-month hold and other resale restrictions under applicable securities legislation.

For more information, please contact:

James Elbert, President and CEO Telephone: (604) 559-7230 Email: [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain “forwardlooking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.