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Arrow Exploration Corp - Calgary, Canada-based oil and gas company with projects in Columbia and Canada - Raises GBP8.8 million from initial public offering on AIM market in London, selling 140.9 million new share at 6.25 pence each. At the IPO price, Arrow has a GBP13.1 million market capitalisation. For every two shares purchased, investors receive one warrant exercisable at 9p over the next two years. The raise is supported by fellow Toronto listing Canacol Energy Ltd, which buys 36.7 million of the shares sold. Canacol now has 41.7 million shares, a 19.9% stake, which would rise to 26.6% upon the exercise of warrants. Following the London IPO, Arrow plans a share placing in Canada to raise an additional CAD500,000.
Arrow is set to drill its second well at the Rio Cravo Este discovery, followed by the first well at the Carrizales Norte prospect. Production from the West Pepper natural gas well in Alberta, Canada is due by the end of the year.
"We are thrilled to have completed our London dual-listing having received such strong support and interest in our story from new and existing shareholders," says Chief Executive Officer Marshall Abbott.
Current stock price: 6.84p, up 9.4% from IPO price
By Tom Waite; thomaslwaite@alliancenews.com
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