Last checked at 14 Dec 2021 07:00
14 December 2021
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 Exploration Corp.
("Arrow" or the "Company")
GRANT OF STOCK OPTIONS
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, announces the grant on 13 December 2021 of 11,400,000 stock options ("Options") pursuant to the Company's Stock Option Plan (the "Plan") to certain Directors and senior management, as detailed further 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 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 Options have a strike price of £0.07625, being the closing mid-price on AIM on 13 December 2021 and vest, subject to the achievement of certain corporate performance target criteria, 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 17,114,000 options issued under the Plan.
Name | Role | Options granted | Vesting | Expiry |
Marshall Abbott | Director | 816,666 | December 13, 2022 | June 13, 2023 |
816,666 | December 13, 2023 | June 13, 2024 | ||
816,668 | December 13, 2024 | June 13, 2025 | ||
P Gage Jull | Director | 750,000 | December 13, 2022 | June 13, 2023 |
750,000 | December 13, 2023 | June 13, 2024 | ||
750,000 | December 13, 2024 | June 13, 2025 | ||
Ravi Sharma | Director | 333,333 | December 13, 2022 | June 13, 2023 |
333,333 | December 13, 2023 | June 13, 2024 | ||
333,334 | December 13, 2024 | June 13, 2025 | ||
Anthony Zaidi | Director | 333,333 | December 13, 2022 | June 13, 2023 |
333,333 | December 13, 2023 | June 13, 2024 | ||
333,334 | December 13, 2024 | June 13, 2025 | ||
Joe McFarlane | PDMR | 750,000 | December 13, 2022 | June 13, 2023 |
750,000 | December 13, 2023 | June 13, 2024 | ||
750,000 | December 13, 2024 | June 13, 2025 | ||
Max Satel | PDMR | 816,666 | December 13, 2022 | June 13, 2023 |
816,666 | December 13, 2023 | June 13, 2024 | ||
816,668 | December 13, 2024 | June 13, 2025 |
For further Information, contact:
Arrow Exploration | |
Marshall Abbott, CEO | +1 403 651 5995 |
Max Satel, EVP Corporate Development & Investor Relations | +1 416 904 2258 |
Arden Partners (Joint Broker and Nominated Adviser) | |
Ruari McGirr / Richard Johnson (Corporate) | +44 (0)20 7614 5900 |
Seb Wykeham / Simon Johnson (Broking) | |
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 under-exploited, 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.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
Details of the person discharging managerial responsibilities / person closely associated | |||||
Name | 1. Marshall Abbott 2. P Gage Jull 3. Ravi Sharma 4. Anthony Zaidi 5. Joe McFarlane 6. Max Satel
| ||||
Reason for the notification | |||||
Position/status | Director (1. 2. 3. 4.) PDMR (non-director) (5. 6.)
| ||||
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 (ISIN: CA04274P1053)
| ||||
Nature of the transaction | Grant of options | ||||
Price(s) and volume(s) | |||||
Name | Exercise price | Options | |||
Marshall Abbott P Gage Jull Ravi Sharma Anthony Zaidi Joe McFarlane Max Satel | 7.625p 7.625p 7.625p 7.625p 7.625p 7.625p
| 2,450,000 2,250,000 1,000,000 1,000,000 2,250,000 2,450,000
| |||
Aggregated information | N/A | ||||
Date of the transaction | 13 December 2021 | ||||
Place of the transaction | Outside a trading venue | ||||