REG - Arrow Exploration - Issuance of Stock Options

Arrow ExplorationAnnouncement

09/09/2022 07:00

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RNS Number : 9028Y  Arrow Exploration Corp.  09 September 2022

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JURISDICTION.

ARROW ANNOUNCES ISSUANCE OF STOCK OPTIONS

CALGARY, September 9, 2022 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL)
("Arrow" or the "Company"), announces the issuance of a total of 2,250,000
stock options ("Options"), pursuant to the Company's Stock Option Plan ("the
Plan") to certain Directors as detailed below.

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 shareholder interests. Under the Plan, the
Company can issue Options to a maximum of 10 per cent of the number of issued
and outstanding common shares in the Company from time to time.

Included in the total issuance of Options above, the following have been
awarded to directors/PDMRs:

 Name           Role      Options issued  Vesting                       Expiry
 Maria Charash  Director  1,000,000       1/3 yr 1, 1/3 yr 2, 1/3 yr 3  6 months after vest date
 Grant Carnie   Director  1,000,000       1/3 yr 1, 1/3 yr 2, 1/3 yr 3  6 months after vest date
 Ravi Sharma    Director  250,000         1/3 yr 1, 1/3 yr 2, 1/3 yr 3  6 months after vest date

 

The Options issued have an exercise price of CAD $0.26, the closing market
price of the Company's common shares trading on the TSX Venture Exchange on
September 7, 2022. The Options vest in thirds, with one third vesting upon
each of the first, second and third anniversaries of issuance, and expire on
six (6) months after vesting. The grant of the Options is subject to
regulatory acceptance. Following the issuance of these Options, the Company
shall have a total of 18,095,000 options issued under the Plan.

 

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                                                              +44 (0)20 7523 8000

 James Asensio

 Gordon Hamilton

 Auctus Advisors (Joint Broker)
 Jonathan Wright (Corporate)                                                            +44 (0)7711 627449
 Rupert Holdsworth Hunt (Broking)

 Camarco (Financial PR)
 James Crothers                                                                         +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".

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                                        1.    Maria Charash

                                                                             2.    Grant Carnie

                                                                             3.    Ravi Sharma
 Reason for the notification
 Position/status                                                             Director (1., 2., 3.)
 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 conducted
 Description of the Financial instrument, type of instrument identification  Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
 code
 Nature of the Transaction                                                   Grant of Options
 Price(s) and volume(s)

Name           Exercise Price  Options
                                                                             Maria Charash  CAD$ 0.26       1,000,000

                                                                           Grant Carnie   CAD$ 0.26       1,000,000
                                                                             Ravi Sharma    CAD$ 0.26       250,000

 Aggregated information                                                      N/A
 Date of the transaction                                                     September 7, 2022
 Place of the transaction                                                    Outside a trading venue

Aggregated information

N/A

Date of the transaction

September 7, 2022

Place of the transaction

Outside a trading venue

 

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