Business
ARROW Exploration Corp. Announces Issuance of Stock Options and Appointment of Officer
ARROW Exploration Corp. Announces Issuance of Stock Options and Appointment of Officer ...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\nARROW Exploration Corp. Announces Issuance of Stock Options and Appointment of Officer\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Oct. 23, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n CALGARY, Oct. 23, 2018 /CNW/ - ARROW Exploration Corp. (\"Arrow\" or the \"Company:\") (TSXV: AXL), a company headquartered in Calgary, Alberta with operations in Colombia and Western Canada, announces the issuance of a total of 6,350,000 stock options (\"Options\") pursuant to the Company's Stock Option Plan (the \"Plan\"), to Directors, Officers and Employees of the Company, subject to regulatory approval. \nThe 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. \nEffective October 22, 2018, a total of 6,350,000 Options have been granted to certain directors, officers and employees of the Company with a strike price of $1.15, which is the Canadian dollar equivalent, based on a 1.30 exchange ratio, of the US dollar effective price of the Company's common shares (\"Common Shares\") issued in the recent private placement financings and reverse takeover transaction described in the Company's September 24, September 17, and August 27, 2018 news releases and as disclosed in the August 24, 2018 Information Circular filed on SEDAR, specifically referenced in Note 2(h) to the pro-forma consolidated financial statements included as Appendix \"F\" of such Information Circular. This exercise price represents a premium to the current market price of the Common Shares. The grant of Options is su...