TIDMAXL
RNS Number : 4534F
Arrow Exploration Corp.
07 November 2022
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
BLOCKLISTING APPLICATION AND CHANGE OF AUDITOR
CALGARY, November 7, 2022 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company"), the oil and gas exploration
and production company with key interests in basins in Colombia and
Canada, announces that an application has been made to the London
Stock Exchange for a block listing of securities in respect of
40,000,000 Common Shares (the "New Common Shares") to be admitted
to trading on AIM. It is expected that admission will become
effective on or around November 8, 2022.
The New Common Shares will be issued when necessary, in order to
satisfy the issue of shares pursuant to the exercise of warrants
issued in the capital raising in October 2021. When issued, the New
Common Shares will be credited as fully paid and will rank pari
passu in all respects with the existing Common Shares in the
capital of the Company ("Common Shares").
Change of Auditor
The Company also announces that it has changed its auditors from
Deloitte LLP ("Former Auditor") to Ernst & Young LLP
("Successor Auditor") effective October 31, 2022.
At the request of the Company, the Former Auditor resigned as
the auditor of the Company effective October 31, 2022 and the
Company's board of directors, on the recommendation of its Audit
Committee, appointed the Successor Auditor as the Company's auditor
effective October 31, 2022, until the next annual or special
meeting of the Company's shareholders.
There were no reservations in the Former Auditor's audit reports
for any financial period during which the Former Auditor was the
Company's auditor. There are no "reportable events" (as the term is
defined in National Instrument 51-102 - Continuous Disclosure
Obligations ("NI 51-102")) between the Company and the Former
Auditor.
In accordance with NI 51-102, the notice of change of auditor,
together with the required letters from the Former Auditor and the
Successor Auditor, have been reviewed by the Company's Audit
Committee and filed on SEDAR.
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Joe McFarlane, CFO +1 403 818 1033
Brookline Public Relations, Inc.
Shauna MacDonald +1 403 538 5645
Canaccord Genuity (Nominated Advisor
and Joint Broker)
Henry Fitzgerald-O'Connor
Gordon Hamilton +44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) + 44 (0)7711 627449
Rupert Holdsworth Hunt +44 (0)7803 752399
Camarco (Financial PR)
Georgia Edmonds +44 (0)20 3781 8331
Rebecca Waterworth
Billy Clegg
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of
its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded
company with a portfolio of premier Colombian oil assets that are
underexploited, under-explored and offer high potential growth. The
Company's business plan is to expand oil production from some of
Colombia's most active basins, including the Llanos, Middle
Magdalena Valley (MMV) and Putumayo Basin. The asset base is
predominantly operated with high working interests, and the
Brent-linked light oil pricing exposure combines with low royalties
to yield attractive potential operating margins. Arrow's 50%
interest in the Tapir Block is contingent on the assignment by
Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is
led by a hands-on executive team supported by an experienced board.
Arrow is listed on the AIM market of the London Stock Exchange and
on TSX Venture Exchange under the symbol "AXL".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Reader Advisory
Certain information set forth in this release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties, certain of which are beyond the
control of the Company. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. Forward looking statements
include, but are not limited to: statements regarding the success
of the block listing of the New Ordinary Shares; the effective date
of admission of the New Ordinary Shares; and the issuance of New
Ordinary Shares to satisfy the exercise of warrants. The Company
assumes no obligation to update forward-looking statements, whether
as a result of new information, future events, or otherwise, except
as required by applicable law.
The forward-looking information contained in this release is
made as of the date hereof and the Company is not obligated to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, readers should not
place any undue reliance on forward looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
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END
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November 07, 2022 02:00 ET (07:00 GMT)
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