TIDMAXL
RNS Number : 0748O
Arrow Exploration Corp.
29 September 2023
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.
ARROW ANNOUNCES GRANT OF STOCK OPTIONS AND TOTAL VOTING RIGHTS
(TVR) UPDATE
CALGARY, September 29, 2023 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator
with a portfolio of assets across key Colombian hydrocarbon basins,
is pleased to announce a stock options grant and to provide a TVR
update.
Stock Options Grant
The Company has granted 1,000,000 stock options ("Options") to
Ian Langley (Director), pursuant to the Company's Stock Option Plan
(the "Plan"). The Plan is intended to assist in attracting,
retaining, engaging and rewarding directors, officers, employees
and consultants of the Company, provide additional incentive to
these people for their efforts on behalf of the Company, and to
align with the enhancement of shareholder value. Under the Plan,
the Company is able to issue Options to a maximum of 10% of the
number of issued and outstanding common shares in the Company from
time to time.
The Options have a strike price of CAD 0.33, and vest in thirds
on each of the first, second and third anniversaries of grant. The
options expire six months from vesting. Following these grants, the
Company shall have a total 20,865,000 options issued under the
Plan.
Total Voting Rights (TVR)
The Company is also pleased to announce that it has issued
5,594,944 Common Shares (the "New Common Shares") in the month of
September 2023 pursuant to the exercise of warrants issued at the
Company's offering in October 2021. All of the New Common Shares
issued during the month were issued under the Company's existing
block listing entitlement.
Following the issue of the New Common Shares, the issued share
capital of the Company comprises 245,526,041 Common Shares with one
vote per share. This figure can be used by shareholders as the
denominator for the calculations by which to determine if they are
required to notify their interest in, or a change to their interest
in, the Company under the FCA's Disclosure and Transparency Rules.
Additionally, and as at the end of September 2023, the Company
still has 40,713,307 warrants outstanding to be exercised until
October and November of this year.
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
James Asensio
Gordon Hamilton +44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) + 44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
Andrew Turner +44 (0)20 3781 8331
Rebecca Waterworth
Kirsty Duff
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. By way of a
private commercial contract with the recognized interest holder
before Ecopetrol S.A., Arrow is entitled to receive 50% of the
production from the Tapir block. The formal assignment to the
Company is subject to Ecopetrol's consent. 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".
Forward-looking Statements
This news release contains certain statements disclosures
relating to Arrow that are based on the expectations of its
management as well as assumptions made by and information currently
available to Arrow which may constitute forward-looking statements
information ("forward-looking statements") under applicable
securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events,
outcomes, results developments that Arrow anticipates expects may,
occur in the future (in whole in part) should be considered
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of the words "continue",
"expect", "opportunity", "plan", "potential" and "will" and similar
expressions. The forward-looking statements contained in this news
release reflect several material factors and expectations and
assumptions of Arrow, including without limitation, Arrow's
evaluation of the impacts of COVID-19, the potential of Arrow's
Colombian and/Canadian assets (any of them individually), the
prices of oil and/natural gas, and Arrow's business plan to expand
oil and gas production and achieve attractive potential operating
margins. Arrow believes the expectations and assumptions reflected
in the forward-looking statements are reasonable at this time, but
no assurance can be given that these factors, expectations, and
assumptions will prove to be correct.
The forward-looking statements included in this news release are
not guarantees of future performance and should not be unduly
relied upon. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results events to differ materially from those anticipated
in such forward-looking statements. The forward-looking statements
contained in this news release are made as of the date hereof and
the Company undertakes no obligations to update publicly revise any
forward-looking statements, whether as a result of new information,
future events otherwise, unless so required by applicable
securities laws.
Neither TSX Venture Exchange nits Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility of the adequacy accuracy of this
release.
Details of the person discharging managerial responsibilities
/ person closely associated
Name Ian Langley
--------------------------------------------
Reason for the notification
Position/status Director
--------------------------------------------
Initial notification / Amendment Initial notification
--------------------------------------------
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
Name Arrow Exploration Corp.
--------------------------------------------
LEI 9845000FDF0856QD9031
--------------------------------------------
Details of the transaction(s): section to be repeated for (i)
each type of instrument: (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conduct
Description of the Financial Options to subscribe for common
instrument, type of instrument shares of nil par value (ISN:CA04274P1053)
identification code
--------------------------------------------
Nature of the Transaction Grant of Options
--------------------------------------------
Price(s) and volume(s) Name Exercise Options
Price
Ian Langley CAD 0.33 1,000,000
---------- ----------
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Aggregated information N/A
--------------------------------------------
Date of the transaction September27, 2023
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Place of the transaction Outside a trading venue
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END
TVRFLFVDAFITFIV
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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