Issuance of Stock Options

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 yr 2, 1/3 yr 3

6 months after vest date

Grant Carnie

Director

1,000,000

1/3 yr 1, 1/3 yr 2, 1/3 yr 3

6 months after vest date

Ravi Sharma

 

Director

250,000

1/3 yr 1, 1/3 yr 2, 1/3 yr 3

6 months after vest date

 

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 instrument, type of instrument identification code

Options to subscribe for common shares of nil par value (ISN:CA04274P1053)

Nature of the Transaction

Grant of Options

Price(s) and volume(s)

 

 

 

 

 

Name

Exercise Price

Options

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

 

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