Finance

Arrow Exploration Declares Replace on AIM Itemizing and Financing Course of

Calgary, Alberta–(Newsfile Corp. – July 2, 2021) – ARROW Exploration Corp. (TSXV: AXL) (“Arrow” or the “Firm”) is happy to supply an replace on its beforehand introduced AIM itemizing and financing course of (please additionally consult with the Firm’s press launch of Could 25th, 2021).

As beforehand introduced, the Firm intends to hunt a twin itemizing by means of an admission of its frequent shares to buying and selling on the AIM market (“AIM”) of the London Inventory Change (“Admission”). The Firm intends to concurrently pursue an providing (“Providing”) of its frequent shares to fund an expanded capital program, the advertising and marketing for which is because of start in mid-July. Arrow has retained Arden Companions Plc (“Arden”) and Auctus Advisors LLP (“Auctus”) to behave because the Firm’s joint brokers on the providing. Arden has been appointed because the Firm’s Nominated Advisor (“NOMAD”).

The Firm intends to boost US$ 12 million (roughly GBP 8.4 million, based mostly on the present USD:GBP alternate fee), which is predicted to fund the drilling of two wells at Rio Cravo Este (“RCE”), the drilling of 1 nicely at Carrizales Norte (“CN”), and the steadiness for added working capital.

With the proceeds of a profitable Providing, the Firm expects to have the ability to attain a manufacturing stage of roughly 3,000 boe/d inside a interval of roughly 18 months following the closing of the Providing, primarily by drilling extra wells at RCE and CN. The drilling program is predicted to be funded by the proceeds from the Providing in addition to money stream generated from operations. The Firm’s capability to succeed in this manufacturing stage will rely on extra elements, together with however not restricted to grease costs, drilling outcomes, the price of drilling the wells and the provision of drilling rigs inside Colombia on industrial phrases.

Following completion of the Providing, the Firm’s frequent shares will probably be admitted to buying and selling on AIM. The Firm’s frequent shares will proceed to be listed and to commerce on the TSX-V in Canada.

As beforehand described in its Could 25th, 2021 press launch, Arrow believes the twin itemizing will present it with a number of benefits, which embody:

  • Enhancing liquidity for the Firm’s shareholders and offering direct entry to the London capital markets, that are among the many world leaders for capital formation within the oil & fuel sector;

  • Enabling the Firm to entry a wider vary of potential traders and broaden its investor base;

  • Bettering the Firm’s capability to entry additional funding from worldwide capital markets and to finance the long run progress of the enterprise in keeping with its present technique; and

  • Enhancing the Firm’s repute and monetary standing in Colombia.

The meant Admission and Providing are in keeping with the administration and Board’s goals of making most worth for shareholders by pursuing a method targeted on the Firm’s core belongings and unlocking the potential of the Firm’s wealthy asset base. In keeping with this technique, the Firm is in negotiations over the disposal of its non-core, 10% working curiosity within the Ombu (Capella) asset. This transaction, if consummated, could also be accomplished previous to or after the meant Admission.

About ARROW Exploration

Arrow Exploration Corp. (working in Colombia by way of a department of its 100% owned subsidiary Carrao Vitality S.A.) is a publicly-traded firm with a portfolio of premier Colombian oil belongings which can be under-exploited, under-explored and provide excessive potential progress. The Firm’s marketing strategy is to broaden oil manufacturing from a few of Colombia’s most lively basins, together with the Llanos, Center Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with excessive working pursuits, and the Brent-linked mild oil pricing publicity combines with low royalties to yield enticing potential working margins. Arrow’s 50% curiosity within the Tapir Block is contingent on the task by Ecopetrol SA of such curiosity to Arrow. Arrow’s seasoned staff is led by a hands-on government staff supported by an skilled board. Arrow is listed on the TSX Enterprise Change beneath the image “AXL.”

For additional data contact:

Marshall Abbott
Chief Govt Officer
mabbott@arrowexploration.ca
(403) 651-5995

Max Satel
EVP Company Growth & Investor Relations
msatel@arrowexploration.ca
(416) 904-2258

Neither the TSX Enterprise Change (TSXV) nor its regulation companies supplier (as that time period is outlined within the insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this launch.

Ahead-looking Statements

This information launch comprises sure statements or disclosures regarding Arrow which can be based mostly on the expectations of its administration in addition to assumptions made by and knowledge presently accessible to Arrow which can represent forward-looking statements or data (“forward-looking statements”) beneath relevant securities legal guidelines. All such statements and disclosures, aside from these of historic reality, which handle actions, occasions, outcomes, outcomes or developments that Arrow anticipates or expects could, might or will happen sooner or later (in entire or partially) needs to be thought of forward-looking statements. In some circumstances, forward-looking statements could be recognized by means of the phrases “proceed”, “count on”, “alternative”, “plan”, “potential” and “will” and related expressions. The forward-looking statements contained on this information launch replicate a number of materials elements and expectations and assumptions of Arrow, together with with out limitation, Arrow’s analysis of the impacts of COVID-19, the potential of Arrow’s Colombian and/or Canadian belongings (or any of them individually), the costs of oil and/or pure fuel, and Arrow’s marketing strategy to broaden oil and fuel manufacturing and obtain enticing potential working margins. Arrow believes the expectations and assumptions mirrored within the forward-looking statements are cheap right now however no assurance could be provided that these elements, expectations and assumptions will show to be appropriate.

The forward-looking statements included on this information launch will not be ensures of future efficiency and shouldn’t be unduly relied upon. Such forward-looking statements contain identified and unknown dangers, uncertainties and different elements that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. The forward-looking statements contained on this information launch are made as of the date hereof and the Firm undertakes no obligations to replace publicly or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, except so required by relevant securities legal guidelines.

Essential Info

The contents of this announcement, which has been ready by and is the only real duty of the Firm, has not been accredited by an authorised individual for the needs of part 21 of the UK Monetary Providers and Markets Act 2000 (as amended).

Neither this announcement nor any copy of it might be taken or transmitted, revealed or distributed, instantly or not directly, in, into or from any restricted jurisdiction or to any individuals in any of these jurisdictions or every other jurisdiction the place to take action would represent a violation of the related securities legal guidelines of such jurisdiction. Any failure to adjust to this restriction could represent a violation of United States, Australian, Japanese or South African securities legal guidelines.

This announcement doesn’t represent, or kind a part of, any provide or invitation to promote or situation, or any solicitation of any provide to buy or subscribe for any shares or different securities in any restricted jurisdiction. The distribution of this announcement and different data in reference to the Admission in sure jurisdictions could also be restricted by legislation and individuals into whose possession this announcement, any doc or different data referred to herein comes ought to inform themselves about and observe any such restrictions. Any failure to adjust to these restrictions could represent a violation of the securities legal guidelines of any such jurisdiction. Neither this announcement nor any a part of it nor the actual fact of its distribution shall kind the premise of or be relied on in reference to or act as an inducement to enter into any contract or dedication in any respect.

This announcement is directed solely at individuals whose unusual actions contain them in buying, holding, managing and disposing of investments (as principal or agent) for the needs of their enterprise and who’ve skilled expertise in issues regarding investments and are: (i) if in a member state of the European Financial Space (“EEA“), Certified Buyers as outlined in article 2(e) of Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”); (ii) if in the UK, are Certified Buyers as outlined in article 2(e) of the EU Prospectus Regulation because it varieties a part of home legislation pursuant to the European Union (Withdrawal) Act 2018 and (a) fall inside article 19(5) of the Monetary Providers and Markets Act 2000 (Monetary Promotion) Order 2005, as amended (the “Order”) or (b) are individuals who fall inside article 49(2)(a) to (d) (excessive internet value corporations, unincorporated associations, and many others.) of the Order, or (c) to whom it might in any other case be lawfully distributed (all such individuals collectively being known as “Related Individuals”).

This announcement should not be acted on or relied on by individuals who will not be Related Individuals. Individuals distributing this announcement should fulfill themselves that it’s lawful to take action. Any funding or funding exercise to which this announcement relates is offered solely to Related Individuals and will probably be engaged in solely with Related Individuals. This announcement doesn’t itself represent a suggestion on the market or subscription of any securities within the Firm.

The Widespread Shares referred to on this Announcement haven’t been and won’t be registered beneath the US Securities Act of 1933, as amended (the “US Securities Act”) or with any securities regulatory authority of any state or different jurisdiction of the USA. The securities is probably not provided or bought in the USA absent registration beneath the US Securities Act or an accessible exemption from, or in a transaction not topic to, the registration necessities of the US Securities Act and in compliance with any relevant securities legal guidelines of any state or different jurisdiction of the USA. There will probably be no public provide of securities in the USA.

Any subscription for or buy of Widespread Shares needs to be made solely on the premise of the data contained within the closing Admission Doc to be revealed by the Firm in reference to the Admission. The knowledge on this announcement is for background functions solely and doesn’t purport to be full or full. No reliance could or needs to be positioned for any functions in any respect on the data contained on this announcement or its accuracy, completeness or equity. The knowledge on this announcement is topic to alter. Nonetheless, the Firm doesn’t undertake to supply the recipient of this announcement with any extra data, or to replace this announcement or to appropriate any inaccuracies, and the distribution of this announcement shall not be deemed to be any type of dedication on the a part of the Firm to proceed with the Admission or any transaction or association referred to on this announcement. This announcement has not been accredited by any competent regulatory authority.

The anticipated timetable for Admission, together with the publication of the Admission Doc and/or the date of Admission, could also be influenced by a variety of circumstances, together with market circumstances. There isn’t a assure that the Admission Doc will probably be revealed or that Admission will happen and traders shouldn’t base their monetary selections on the Firm’s intentions in relation to the Admission at this stage.

The value of shares and any revenue anticipated from them could go down in addition to up and traders could not get again the complete quantity invested upon disposal of the shares. Previous efficiency isn’t any information to future efficiency, and individuals needing recommendation ought to seek the advice of an unbiased monetary adviser.

Sure figures contained on this announcement, together with monetary data, have been topic to rounding changes. Accordingly, in sure cases, the sum or proportion change of the numbers contained on this announcement could not conform precisely to the entire determine given.

Neither the content material of the Firm’s web site nor any web site accessible by hyperlinks on the Firm’s web site is included in, or varieties a part of, this announcement.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/launch/89325

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