Feb 28, 2025
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PDMR Exercise and Grant of Options
June 19, 2025 2:00 AM EDT | Source: Arrow Exploration Corp.
Calgary, Alberta--(Newsfile Corp. - June 19, 2025) - 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, announces the exercise of stock options, by certain Directors and Persons Discharging Managerial Responsibilities (PDMRs) (the "Exercise"). These options were exercised due to reaching their expiration date.
Option Exercise
The Exercise was accepted by the Company on June 17, 2025 and holders elected to use a "cashless" exercise of options. Using this method, which is permissible under the terms of the Company's share option plan, as approved as a resolution by shareholders 27 September 2024, the Company pays the option holder the value of the option (volume weighted average trading price less strike price) from cash reserves. Accordingly, no new shares were issued for the option exercise.
A summary of the options exercised is as follows:
| Options Exercised | Strike Price | Volume Weighted Average Trading Price | |
| Gage Jull | 300,000 750,000 505,000 | CAD 0.05 CAD 0.13 CAD 0.28 | CAD 0.4229 |
| Marshall Abbott | 133,333 816,668 527,222 | CAD 0.28 CAD 0.13 CAD 0.28 | CAD 0.4229 |
| Ravi Sharma | 83,333 333,334 144,444 | CAD 0.26 CAD 0.13 CAD 0.28 | CAD 0.4229 |
| Anthony Zaidi | 333,333 144,444 | CAD 0.13 CAD 0.28 | CAD 0.4229 |
| Grant Carnie | 333,333 | CAD 0.26 | CAD 0.4229 |
| Ian Langley | 333,333 | CAD 0.33 | CAD 0.4229 |
| Joe McFarlane | 300,000 750,000 505,000 | CAD 0.05 CAD 0.13 CAD 0.28 | CAD 0.4229 |
| Total | 6,292,778 |
For further Information, contact:
| Arrow Exploration | |
| Marshall Abbott, CEO | +1 403 651 5995 |
| Joe McFarlane, CFO | +1 403 818 1033 |
| Canaccord Genuity (Nominated Advisor and Joint Broker) | |
| Henry Fitzgerald-O'Connor James Asensio George Grainger | +44 (0)20 7523 8000 |
| Auctus Advisors (Joint Broker) | |
| Jonathan Wright | +44 (0)7711 627449 |
| Rupert Holdsworth Hunt | |
| Camarco (Financial PR) | |
| Owen Roberts | +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. 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".
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 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", "may" 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 expectation of the normal course issuer bid discussed herein, the available uses of capital, , 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.
This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||
| Name | Gage Jull | ||||||||||||||||
| Reason for the notification | |||||||||||||||||
| Position/status | Director, Executive Chairman | ||||||||||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||||||||||
| Price(s) and volume(s) |
| ||||||||||||||||
| Aggregated information | 1,555,000 at an average exercise price of CAD 0.16 | ||||||||||||||||
| Date of the transaction | June 17, 2025 | ||||||||||||||||
| Place of the transaction | Outside a trading venue | ||||||||||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||||||||||
| Price(s) and volume(s) |
| ||||||||||||||||
| Aggregated information | 1,477,223 at an average exercise price of CAD 0.20 | ||||||||||||||||
| Date of the transaction | June 17, 2025 | ||||||||||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||||||||||
| Price(s) and volume(s) |
| ||||||||||||||||
| Aggregated information | 561,111 at an average exercise price of CAD 0.19 | ||||||||||||||||
| Date of the transaction | June 17, 2025 | ||||||||||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||||||
| Price(s) and volume(s) |
| ||||||||||||
| Aggregated information | 477,778 at an average exercise price of CAD 0.18 | ||||||||||||
| Date of the transaction | June 17, 2025 | ||||||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||
| Price(s) and volume(s) |
| ||||||||
| Aggregated information | 333,333 at an average exercise price of CAD 0.26 | ||||||||
| Date of the transaction | June 17, 2025 | ||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||
| Price(s) and volume(s) |
| ||||||||
| Aggregated information | 333,333 at an average exercise price of CAD 0.33 | ||||||||
| Date of the transaction | June 17, 2025 | ||||||||
| 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 code | Stock Options (ISN:CA04274P1053) | ||||||||||||||||
| Nature of the Transaction | Cashless exercise of options | ||||||||||||||||
| Price(s) and volume(s) |
| ||||||||||||||||
| Aggregated information | 1,555,000 at an average exercise price of CAD 0.16 | ||||||||||||||||
| Date of the transaction | June 17, 2025 | ||||||||||||||||
| Place of the transaction | Outside a trading venue | ||||||||||||||||
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256010