Goldrea Resources Corp. announced a non-brokered private placement of secured convertible debentures with an aggregate principal amount of up to CAD 50,000 on October 24, 2022. 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 cent 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 at CAD 0.025 per share. In addition, the holders of the debentures will be issued, as a loan bonus, one common share purchase warrant for each dollar of debentures subscribed, with each warrant entitling its holder to purchase one share at five cents during the two years following the warrant's issuance.

All securities issued under the private placement will be subject to a four-month hold.