REG - Arrow Exploration - Grant Of Stock Options And TVR Update

Arrow ExplorationAnnouncement

29/09/2023 07:00

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RNS Number : 0748O  Arrow Exploration Corp.  29 September 2023

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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                                                              +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)
 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 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
                                                                             Ian Langley  CAD 0.33        1,000,000

 Aggregated information                                                      N/A
 Date of the transaction                                                     September27, 2023
 Place of the transaction                                                    Outside a trading venue

Aggregated information

N/A

Date of the transaction

September27, 2023

Place of the transaction

Outside a trading venue

 

 

 

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