TIDMAXL
RNS Number : 5706Q
Arrow Exploration Corp.
18 October 2023
The following amendments have been made to the announcement
headed "Exercise of Warrants and Operations Update" released on 18
October 2023 at 07:00 under RNS No 4503Q.
In the paragraph headed "Tim Leslie Exercise" the following
corrections have been made: Total holding is 17,012,245 Commons
Shares and the corresponding percentage of current issued share
capital of the Company is 6.0%.
All other details remain unchanged. The full amended text is
shown below.
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 EXERCISE OF WARRANTS BY LARGEST SHAREHOLDERS AND
MANAGEMENT AND AN PROVIDES UPDATE ON RCE-6
CALGARY, October 18, 2023 - 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 the exercise of warrants in exchange for
Common Shares in the Company ("Common Shares") by its largest
shareholders and management. The warrants were issued in
conjunction with the Q4 2021 financing and had an exercise price of
GBP 0.09 per Common Share.
Canacol Exercise
The Company's largest shareholder, Canacol Energy Ltd.
("Canacol"), has exercised 18,357,602 warrants and is accordingly
being issued the corresponding 1,8357,602 Common Shares. As a
result of this exercise Canacol will hold a total of 60,072,807
Common Shares which represents 21.2% of the current issued share
capital of the Company.
As per Canacol's press release dated October 16, 2023, Canacol
intends to hold their current interest in the Company.
Tim Leslie Exercise
Another of the Company's largest shareholders, Tim Leslie, has
exercised 10,204,082 warrants and is accordingly being issued the
corresponding 10,204,082 Common Shares. As a result of this
exercise, Tim Leslie will hold a total of 17,012,245 Common Shares
which represents 6.0% of the current issued share capital of the
Company.
Management Exercise
The Company's management have also exercised all warrants
belonging to them as set out in the table below.
Management Number of warrants Number of Aggregate number Total number of
exercised New Common of Common Shares Common Shares
Shares Issued held following held as a percentage
exercise of current issued
share capital
Gage Jull 1,997,836 1,997,836 5,993,508 2.1%
------------------- --------------- ------------------ ----------------------
Marshall
Abbott 1,789,900 1,789,900 5,369,702 1.9%
------------------- --------------- ------------------ ----------------------
Joe McFarlane 1,932,814 1,932,814 5,798,443 2.0%
------------------- --------------- ------------------ ----------------------
At this time the Company's Management team plans to hold their
current position in the Company.
Current Issued Share Capital
Following the issue of the new Common Shares described above,
and pursuant to 3,600,000 Common Shares that have been issued under
the Company's current blocklisting in the month of October to date,
the issued share capital of the Company will be comprised by
283,408,275 Common Shares with one vote per share.
This figure of 283,408,275 has been used in the calculations
above and may be used as the denominator for the calculation 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 and
Transparency Rules.
The Company expects to have further warrants exercised at the
end of the October under its Blocklisting and will therefore
provide a revised Total Voting Rights figure at the end of the
October once remaining warrants have either been exercised or
expired.
Advance to Management
The Board of Directors have determined to provide loans to each
of Messrs. Jull, Abbott and McFarlane (the "Executives"). The
amount to be advanced to each Executive is $225,000 which will be
repaid from future remuneration or other sources. The loans are due
on demand, or when the Executive ceases to be employed by the
Company, or when the Executive sells any Common Shares.
The Executives will execute loan agreements in respect of the
advances and have agreed to provide security acceptable to the
Company. The advances will bear interest at the Bank of Canada
prime rate. Terms of the loans were reviewed and approved by the
independent directors of the Company. Under Canadian Securities law
the advances are subject to Multilateral Instrument 61-101
(Protection of Minority Security Holders in Special Transactions)
but are exempt from the requirement for formal valuation or
minority shareholder approval as the Company is not listed on a
specified market as defined in the Instrument and the fair market
value of the loans is less than 25% of the market capitalization of
the Company.
Admission of Shares to trading on AIM
Save for the 28,561,684 new Common Shares to be issued to
Canacol and Tim Leslie described above, all of the Common Shares
issued and to be issued pursuant to the warrant exercises have
already been admitted to trading on AIM pursuant to the
Blocklisting as announced in the RNS dated 7 November 2022.
Accordingly, an additional application has been made for
28,561,684 new Common shares to be admitted to trading on AIM
("Admission"), with Admission expected to occur on or around 19
October 2023.
Operations Update
At the Rio Cravo Este (RCE) pad, the Company continues with the
2023 drilling program. The RCE-6 well spud on October 4th, and
drilling operations are progressing as expected. Once the RCE-6
well is complete the company plans to drill two further wells at
the RCE pad. Further updates will be issued once the well has been
completed.
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)
Andrew Turner +44 (0)20 3781 8331
Rebecca Waterworth
Kirsty Duff
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. By way of a
private commercial contract with the recognized interest holder
before Ecopetrol S.A., Arrow is entitled to receive 50% of the
production from the Tapir block. The formal assignment to the
Company is subject to Ecopetrol's consent. 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. Marshall Abbott
2. Gage Jull
3. Joe McFarlane
---------------------------------------------------------
Reason for the notification
Position/status 1. Director
2. Director
3. 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, ISIN: CA04274P1053
type of instrument
Identification code
Nature of the transaction 1. Exercise of warrants for common shares
2. Exercise of warrants for common shares
3. Exercise of warrants for common shares
Price(s) and volume(s) Exercise
------------------------ ----------------------------
Name Exercise Warrants
price
------------------------ ------------- -------------
1. Marshall
Abbott GBP 0.09 1,789,900
------------------------ ------------------------------------------ -------------
2. Gage Jull GBP 0.09 1,997,836
------------------------ ------------------------------------------ -------------
3. Joe McFarlane GBP 0.09 1,932,814
------------------------ ------------------------------------------ -------------
Aggregated information N/A
Date of the transaction 1. 16 October 2023
2. 16 October 2023
3. 16 October 2023
Place of the transaction Outside a trading venue
---------------------------------------------------------
Forward-looking Statements
This news release contains certain statements 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
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 developments that Arrow anticipates expects may,
occur in the future (in whole 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/Canadian assets (any of them individually), the
prices of oil and/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 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 revise any
forward-looking statements, whether as a result of new information,
future events otherwise, unless so required by applicable
securities laws.
Neither TSX Venture Exchange nits Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility of the adequacy accuracy of this
release.
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END
MSCEALEPFAEDFFA
(END) Dow Jones Newswires
October 18, 2023 10:21 ET (14:21 GMT)
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