Arrow Exploration Corp. Issuance of Stock Options (9028Y)
September 09 2022 - 2:01AM
UK Regulatory
TIDMAXL
RNS Number : 9028Y
Arrow Exploration Corp.
09 September 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 ANNOUNCES ISSUANCE OF STOCK OPTIONS
CALGARY, September 9, 2022 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company"), announces the issuance of a
total of 2,250,000 stock options ("Options"), pursuant to the
Company's Stock Option Plan ("the Plan") to certain Directors as
detailed 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 shareholder interests. Under the Plan, the Company can issue
Options to a maximum of 10 per cent of the number of issued and
outstanding common shares in the Company from time to time.
Included in the total issuance of Options above, the following
have been awarded to directors/PDMRs:
Name Role Options issued Vesting Expiry
Maria Charash Director 1,000,000 1/3 yr 1, 1/3 6 months after
yr 2, 1/3 yr vest date
3
--------- --------------- -------------- ---------------
Grant Carnie Director 1,000,000 1/3 yr 1, 1/3 6 months after
yr 2, 1/3 yr vest date
3
--------- --------------- -------------- ---------------
Ravi Sharma Director 250,000 1/3 yr 1, 1/3 6 months after
yr 2, 1/3 yr vest date
3
--------- --------------- -------------- ---------------
The Options issued have an exercise price of CAD $0.26, the
closing market price of the Company's common shares trading on the
TSX Venture Exchange on September 7, 2022. The Options vest in
thirds, with one third vesting upon each of the first, second and
third anniversaries of issuance, and expire on six (6) months after
vesting. The grant of the Options is subject to regulatory
acceptance. Following the issuance of these Options, the Company
shall have a total of 18,095,000 options issued under the Plan.
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
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
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".
Details of the person discharging managerial responsibilities
/ person closely associated
Name 1. Maria Charash
2. Grant Carnie
3. Ravi Sharma
--------------------------------------------
Reason for the notification
Position/status Director (1., 2., 3.)
--------------------------------------------
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
conducted
Description of the Financial Options to subscribe for common
instrument, type of instrument shares of nil par value (ISN:CA04274P1053)
identification code
--------------------------------------------
Nature of the Transaction Grant of Options
--------------------------------------------
Price(s) and volume(s) Name Exercise Options
Price
Maria Charash CAD$ 0.26 1,000,000
----------- ----------
Grant Carnie CAD$ 0.26 1,000,000
----------- ----------
Ravi Sharma CAD$ 0.26 250,000
----------- ----------
--------------------------------------------
Aggregated information N/A
--------------------------------------------
Date of the transaction September 7, 2022
--------------------------------------------
Place of the transaction Outside a trading venue
--------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHBKCBQPBKKNCK
(END) Dow Jones Newswires
September 09, 2022 02:01 ET (06:01 GMT)
Arrow Exploration (LSE:AXL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Arrow Exploration (LSE:AXL)
Historical Stock Chart
From Jul 2023 to Jul 2024
