REG - Arrow Exploration - Grant of Stock Options
30/04/2024 07:00
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RNS Number : 4995M Arrow Exploration Corp. 30 April 2024
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 GRANT OF STOCK OPTIONS
CALGARY, April 30, 2024 - 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.
Stock Options Grant
The Company has granted 9,843,887 stock options ("Options") to Directors,
officers and employees, pursuant to the Company's Stock Option Plan (the
"Plan"). The Plan is intended to assist in attracting, retaining, engaging and
rewarding directors, officers and employees 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 following
PDMRs have been granted the options listed below:
PDMR Options Granted
Marshall Abbott 3,477,221
Gage Jull 1,200,000
Joe McFarlane 1,200,000
Anthony Zaidi 300,000
Ian Langley 300,000
Ravi Sharma 383,334
Grant Carnie 633,333
Phil Miller 300,000
Total 7,793,888
The Options have a strike price of CAD 0.375, 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
27,198,334 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 +44 (0)20 7523 8000
James Asensio
George Grainger
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
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".
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Details of the person discharging managerial responsibilities / person closely
associated
Name Marshall Abbott
Reason for the notification
Position/status Director, CEO
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
Marshall Abbott CAD 0.375 3,427,221
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
Details of the person discharging managerial responsibilities / person closely
associated
Name Gage Jull
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
Gage Jull CAD 0.375 1,200,000
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
Details of the person discharging managerial responsibilities / person closely
associated
Name Joe McFarlane
Reason for the notification
Position/status CFO
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
Joe McFarlane CAD 0.375 1,200,00
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
Details of the person discharging managerial responsibilities / person closely
associated
Name Anthony Zaidi
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
Anthony Zaidi CAD 0.375 300,000
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
Details of the person discharging managerial responsibilities / person closely
associated
Name Ravi Sharma
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
Ravi Sharma CAD 0.375 383,334
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
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 0.375 300,000
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
Details of the person discharging managerial responsibilities / person closely
associated
Name Grant Carnie
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
Grant Carnie CAD 0.375 633,333
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
Details of the person discharging managerial responsibilities / person closely
associated
Name Phil Miller
Reason for the notification
Position/status Executive
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
Phil Miller CAD 0.375 300,000
Aggregated information N/A
Date of the transaction April 29, 2024
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
April 29, 2024
Place of the transaction
Outside a trading venue
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