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Arrow Announces Exercise of Warrants by Largest Shareholders and Management and Provides an Update on RCE-6
Calgary, Alberta--(Newsfile Corp. - October 18, 2023) - Arrow Exploration Corp. (AIM: AXL) (TSXV:...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Exercise of Warrants by Largest Shareholders and Management and Provides an Update on RCE-6Calgary, Alberta--(Newsfile Corp. - 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 ExerciseThe 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 ExerciseAnother 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 17,812,245 Common Shares which represents 6.3 % of the current issued share capital of the Company.Management ExerciseThe Company's management have also exercised all warrants belonging to them as set out in the table below. ManagementNumber of warrants exercisedNumber of New Common Shares IssuedAggregate number of Common Shares held following exerciseTotal number of Common Shares held as a percentage of current issued share capitalGage Jull1,997,8361,997,8365,993,5082.1%Marshall Abbott1,789,9001,789,9005,369,7021.9%Joe McFarlane1,932,8141,932,8145,798,4432.0% 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 ha...