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Arrow Exploration Corp. Announces Fundraising and Publication of AIM Admission Document
Calgary, Alberta--(Newsfile Corp. - October 20, 2021) - Arrow Exploration Corp. (AIM: AXL) (TS...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Exploration Corp. Announces Fundraising and Publication of AIM Admission DocumentCalgary, Alberta--(Newsfile Corp. - October 20, 2021) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) (\"Arrow\" or the \"Company\") , the oil and gas exploration and production company, is pleased to announce that it has conditionally raised approximately £8.8 million (C$15.0 million), through a placing and subscription for new common shares with new investors, Canacol Energy Ltd. (\"Canacol\"), and executive management (together, the \"Fundraising\") and is today publishing an AIM Admission Document in connection with the admission of the enlarged share capital of the Company to trading on the AIM Market of the London Stock Exchange plc (\"AIM\" and \"Admission\", respectively). The Company will maintain its listing on the TSX Venture Exchange (\"TSX-V\").Highlights of the FundraisingThe Fundraising comprises a placing and subscription of 140,949,545 new common shares (the \"Fundraising Shares\") at an Issue Price of 6.25p (C$0.106125) (the \"Fundraising Price\") per new common share. Executive management investing approximately £0.83 million (C$1.41 million) in the Fundraising.Canacol participating in the subscription, to hold 19.9% of the enlarged share capital at Admission.Investors in the Fundraising to receive one warrant (\"Warrant\") for every two Fundraising Shares, exercisable at 9p (C$0.15282) per new common share for 24 months from AIM admission.At the Fundraising Price, the Company's market capitalisation will be £13.1 million (C$22.3 million). The Fundraising Price represents a discount of approximately 24.2% to the Company's closing share price (on the TSX-V) preceding the pricing of the Fundraising.The net proceeds of the Fundraising (together with Company's existing funds, if required) are expected to be used to drill two wells at Rio Cravo Este, commencing by the end of 2021, and will also be deployed in drilling the Carrizales Norte-1 exploration well (the \"Work Programme\"). Additionally, the Company will deploy funds to repay approximately US$3.15 million of Canacol's Promissory Note with the Company.The Admission Document in relation to the Fundraising will be uploaded to the Company's website today. Admission expected on 25 October 2021, under the code AXL. Completion of the Fundraising is subject to ce...