TIDMAXL
RNS Number : 3986H
Arrow Exploration Corp.
06 April 2022
6 April 2022
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")
DIRECTOR/PDMR Exercise of Options,
EXERCISE OF Warrants
and
Total voting Rights
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL), the high-growth
operator with a portfolio of assets across key Colombian
hydrocarbon basins, announces that, on 15 February 2022, Marshall
Abbott (CEO) exercised, for cash, 400,000 options at C$0.05 per
common share of no par value ("Common Share"), and on 16 February
2022, Max Satel, PDMR, exercised 375,000 options at C$0.05 per
Common Share in return for the issue of 375,000 new Common Shares.
Following the exercise of the Options, the Company shall have a
total of 16,339,000 options in issue under the Plan.
In addition to this, the Company announces that pursuant to the
receipt of notice for the exercise of warrants issued in October
2021, it has issued 50,000 new Common Shares.
Application has been made for a total of 425,000 new Common
Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will occur on 11 April 2022. Following
Admission, the Company will have 213,814,623 Common Shares in issue
with voting rights and admitted to trading on AIM. This figure may
be used as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to, their interest in the share capital of the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
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. Max Satel
-------------------------------------------------
Reason for the notification
Position/status 1. Director
2. PDMR (non-director)
-------------------------------------------------
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 Common Shares of nil par value
financial instrument,
type of instrument ISIN: CA04274P1053
Identification code
Nature of the transaction 1. Exercise of options for cash
2. Exercise of options for shares
Price(s) and volume(s) Exercise
------------------ --------------------------
Name Exercise Options
price
------------------ -------------- ----------
1. Marshall
Abbott C$0.05 400,000
------------------ ---------------------------------------------- ----------
2. Max Satel C$0.05 375,000
------------------ ---------------------------------------------- ----------
Aggregated information N/A
Date of the transaction 1. 15 February 2022
2. 16 February 2022
Place of the transaction Outside a trading venue
-------------------------------------------------
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END
DSHIAMBTMTAMTTT
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April 06, 2022 02:01 ET (06:01 GMT)
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