TIDMAXL
RNS Number : 5070V
Arrow Exploration Corp.
14 December 2021
14 December 2021
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 Exploration Corp.
("Arrow" or the "Company")
GRANT OF STOCK OPTIONS
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL), the high-growth
operator with a portfolio of assets across key Colombian
hydrocarbon basins, announces the grant on 13 December 2021 of
11,400,000 stock options ("Options") pursuant to the Company's
Stock Option Plan (the "Plan") to certain Directors and senior
management, as detailed further 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 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 GBP0.07625, being the closing
mid-price on AIM on 13 December 2021 and vest, subject to the
achievement of certain corporate performance target criteria, 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 17,114,000 options issued
under the Plan.
Name Role Options granted Vesting Expiry
Marshall Abbott Director 816,666 December 13, 2022 June 13, 2023
--------- ---------------- ------------------ --------------
816,666 December 13, 2023 June 13, 2024
--------- ---------------- ------------------ --------------
816,668 December 13, 2024 June 13, 2025
--------- ---------------- ------------------ --------------
P Gage Jull Director 750,000 December 13, 2022 June 13, 2023
--------- ---------------- ------------------ --------------
750,000 December 13, 2023 June 13, 2024
--------- ---------------- ------------------ --------------
750,000 December 13, 2024 June 13, 2025
--------- ---------------- ------------------ --------------
Ravi Sharma Director 333,333 December 13, 2022 June 13, 2023
--------- ---------------- ------------------ --------------
333,333 December 13, 2023 June 13, 2024
--------- ---------------- ------------------ --------------
333,334 December 13, 2024 June 13, 2025
--------- ---------------- ------------------ --------------
Anthony Zaidi Director 333,333 December 13, 2022 June 13, 2023
--------- ---------------- ------------------ --------------
333,333 December 13, 2023 June 13, 2024
--------- ---------------- ------------------ --------------
333,334 December 13, 2024 June 13, 2025
--------- ---------------- ------------------ --------------
Joe McFarlane PDMR 750,000 December 13, 2022 June 13, 2023
--------- ---------------- ------------------ --------------
750,000 December 13, 2023 June 13, 2024
--------- ---------------- ------------------ --------------
750,000 December 13, 2024 June 13, 2025
--------- ---------------- ------------------ --------------
Max Satel PDMR 816,666 December 13, 2022 June 13, 2023
--------- ---------------- ------------------ --------------
816,666 December 13, 2023 June 13, 2024
--------- ---------------- ------------------ --------------
816,668 December 13, 2024 June 13, 2025
--------- ---------------- ------------------ --------------
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Max Satel, EVP Corporate Development
& Investor Relations +1 416 904 2258
Arden Partners (Joint Broker and
Nominated Adviser)
Ruari McGirr / Richard Johnson
(Corporate) +44 (0)20 7614 5900
Seb Wykeham / Simon Johnson (Broking)
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
under-exploited, 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.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
Details of the person discharging managerial responsibilities
/ person closely associated
Name 1. Marshall Abbott
2. P Gage Jull
3. Ravi Sharma
4. Anthony Zaidi
5. Joe McFarlane
6. Max Satel
------------------------------------------------------------
Reason for the notification
Position/status Director (1. 2. 3. 4.)
PDMR (non-director) (5. 6.)
------------------------------------------------------------
Initial notification Initial notification
/Amendment
------------------------------------------------------------
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 Options to subscribe for common shares
instrument, type of of nil par value (ISIN: CA04274P1053)
instrument
Identification code
Nature of the transaction Grant of options
Price(s) and volume(s)
----------------- --------------------------------------
Name Exercise Options
price
----------------- -------------- ----------------------
Marshall Abbott 7.625p 2,450,000
P Gage Jull 7.625p 2,250,000
Ravi Sharma 7.625p 1,000,000
Anthony Zaidi 7.625p 1,000,000
Joe McFarlane 7.625p 2,250,000
Max Satel 7.625p 2,450,000
----------------- --------------------------------------------- ----------------------
Aggregated information N/A
Date of the transaction 13 December 2021
Place of the transaction Outside a trading venue
------------------------------------------------------------
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END
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