Arrow Exploration Corp. Appointment of Nomad and Joint Broker (5985J)
April 28 2022 - 2:02AM
UK Regulatory
TIDMAXL
RNS Number : 5985J
Arrow Exploration Corp.
28 April 2022
28 April 2022
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Arrow Exploration Corp.
("Arrow" or the "Company")
appointment of nomad and joint broker
Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the high-growth
operator with a portfolio of assets across key Colombian
hydrocarbon basins, is pleased to announce that it has appointed
Canaccord Genuity Limited ("Canaccord Genuity") as its new
Nominated Adviser and Joint Broker with immediate effect.
Further to the announcements by Arden Partners Plc on 11 and 14
April 2022 regarding the loss of its nominated adviser status upon
the completion of its recommended takeover, the Company has
appointed Canaccord Genuity as its nominated adviser. Given the
timing of the completion of the recommended takeover of Arden
Partners Plc, the London Stock Exchange has agreed that subject to
initial due diligence being undertaken, Canaccord Genuity has until
5pm on 27 July 2022 to complete its full due diligence.
There can be no guarantee on the outcome of the full due
diligence and its impact on Canaccord Genuity's decision to
continue to act as nominated adviser. Accordingly, in such
circumstances there is a risk that if the Canaccord Genuity does
not continue to act as nominated adviser following completion of
its full due diligence and the Company has not found an alternative
nominated adviser, the Company's AIM securities may be suspended
pursuant to AIM Rule 1. If within one month of that suspension, the
Company has failed to appoint a replacement nominated adviser, the
admission of its AIM securities will be cancelled.
Notwithstanding the extension of time provided in respect of
completing full due diligence obligations at engagement, Canaccord
Genuity will continue to be subject to all the ongoing nominated
adviser responsibilities under the AIM Rules for Nominated
Advisers.
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".
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Brookline Public Relations, Inc.
Shauna MacDonald +1 403 538 5645
Canaccord Genuity (Nominated Advisor
and Joint Broker)
Henry Fitzgerald-O'Connor
James Asensio
Gordon Hamilton +44 (0)20 7523 8000
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
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END
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