REG - Arrow Exploration - PDMR Exercise of Options

Arrow ExplorationAnnouncement

04/07/2024 07:00

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RNS Number : 0679V  Arrow Exploration Corp.  04 July 2024

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.

 

PDMR Exercise of Options

CALGARY, July 4, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the
high-growth operator with a portfolio of assets across key Colombian
hydrocarbon basins, announces the exercise of stock options, which were set to
expire immediately, by certain Directors and Persons  Discharging Managerial
Responsibilities (PDMRs).

The options exercise was accepted by the Company on July 2, 2024 and holders
elected to use a "cashless" exercise of options. Using this method, which is
permissible under the terms of the Company's share option plan, the Company
pays the option holder the value of the option (market price less strike
price) from cash reserves. Accordingly, no new shares were issued for the
option exercise.

A summary of the options exercised is as follows:

                Options Exercised                 Market Price at Exercise

                                   Strike Price
 Gage Jull      750,000            CAD 0.13       CAD 0.475

                505,000            CAD 0.28       CAD 0.475
 Ravi Sharma    333,333            CAD 0.13       CAD 0.475

                144,444            CAD 0.28       CAD 0.475
 Anthony Zaidi  333,333            CAD 0.13       CAD 0.475

                144,444            CAD 0.28       CAD 0.475
 Joe McFarlane  750,000            CAD 0.13       CAD 0.475

                505,000            CAD 0.28       CAD 0.475
 Total          3,465,554

 

 

 

For further Information, contact:

 Arrow Exploration
 Marshall Abbott, CEO                                                +1 403 651 5995
 Joe McFarlane, CFO                                                  +1 403 818 1033

 Canaccord Genuity (Nominated Advisor and Joint Broker)
 Henry Fitzgerald-O'Connor                                           +44 (0)20 7523 8000

 James Asensio

 George Grainger

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

 Camarco (Financial PR)
 Andrew Turner                                                       +44 (0)20 3781 8331
 Rebecca Waterworth

 

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".

Forward-looking Statements

This news release contains certain statements or 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 or 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
or developments that Arrow anticipates or expects may, could or will occur in
the future (in whole or 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/or Canadian assets
(or any of them individually), the prices of oil and/or 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 or 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 or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

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.

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                                         Gage Jull
 Reason for the notification
 Position/status                                                             Director, Executive Chairman
 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 instrument, type of instrument identification  Stock Options
 code

                                                                             (ISN:CA04274P1053)
 Nature of the Transaction                                                   Cashless exercise of options
 Price(s) and volume(s)

Options  Exercise Price
                                                                             750,000  CAD 0.13

                                                                           505,000  CAD 0.28

 Aggregated information                                                      1,255,000 at an average exercise price of CAD 0.19
 Date of the transaction                                                     July 2, 2024
 Place of the transaction                                                    Outside a trading venue

Aggregated information

1,255,000 at an average exercise price of CAD 0.19

Date of the transaction

July 2, 2024

Place of the transaction

Outside a trading venue

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                                         Joe McFarlane
 Reason for the notification
 Position/status                                                             CFO
 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 instrument, type of instrument identification  Stock Options
 code

                                                                             (ISN:CA04274P1053)
 Nature of the Transaction                                                   Cashless exercise of options
 Price(s) and volume(s)

Options  Exercise Price
                                                                             750,000  CAD 0.13

                                                                           505,000  CAD 0.28

 Aggregated information                                                      1,255,000 at an average exercise price of CAD 0.19
 Date of the transaction                                                     July 2, 2024
 Place of the transaction                                                    Outside a trading venue

Aggregated information

1,255,000 at an average exercise price of CAD 0.19

Date of the transaction

July 2, 2024

Place of the transaction

Outside a trading venue

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                                        Ravi Sharma
 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 instrument, type of instrument identification  Stock Options
 code

                                                                             (ISN:CA04274P1053)
 Nature of the Transaction                                                   Cashless exercise of options
 Price(s) and volume(s)

Options  Exercise Price
                                                                             333,333  CAD 0.13

                                                                           144,444  CAD 0.28

 Aggregated information                                                      477,777 at an average exercise price of CAD 0.18
 Date of the transaction                                                     July 2, 2024
 Place of the transaction                                                    Outside a trading venue

Aggregated information

477,777 at an average exercise price of CAD 0.18

Date of the transaction

July 2, 2024

Place of the transaction

Outside a trading venue

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                                        Anthony Zaidi
 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 instrument, type of instrument identification  Stock Options
 code

                                                                             (ISN:CA04274P1053)
 Nature of the Transaction                                                   Cashless exercise of options
 Price(s) and volume(s)

Options  Exercise Price
                                                                             333,333  CAD 0.13

                                                                           144,444  CAD 0.28

 Aggregated information                                                      477,777 at an average exercise price of CAD 0.18
 Date of the transaction                                                     July 2, 2024
 Place of the transaction                                                    Outside a trading venue

Aggregated information

477,777 at an average exercise price of CAD 0.18

Date of the transaction

July 2, 2024

Place of the transaction

Outside a trading venue

 

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