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RNS Announcement | Ticker

Schedule One Update - Arrow Exploration Corp.

RNS Number : 6851P

AIM

20 October 2021

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Arrow Exploration Corp. ("Arrow" or the "Company")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered office

c/o Gowlings WLG (Canada) LLP

1600, 421 7^th Avenue SW

Calgary, Alberta

Canada

T2P 4K9

Principal Trading addresses

Canada

1430, 333 - 11th Ave

Calgary

Alberta

Canada

T2R 1L9

Colombia

Av. Cra. 9 # 115 - 16

Ed. Tierra Firme

Piso 17

Bogota - Colombia

110111

COUNTRY OF INCORPORATION:

Canada

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.arrowexploration.ca

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Arrow is a publicly listed Canadian E&P firm (listed on the TSX-V exchange, symbol "AXL") with a portfolio of operated and non-operated interests in producing Colombian oil assets, together with a producing Western Canadian natural gas asset. The Company also has interests in development assets in Colombia.

The Company has interests in six onshore blocks in Colombia, held through Arrow's wholly-owned subsidiary in Colombia, Carrao Energy S.A., and in oil and gas leases in seven areas in Alberta, Canada, held through Arrow's wholly-owned Canadian subsidiary Arrow Holdings Ltd.

The Directors consider the Tapir block in the Llanos Basin (50% working interest) and Santa Isabel block in the Middle Magdalena Basin (100% working interest), in Colombia, to be the core assets of the Company.

Arrow's strategy is to focus on the rapid development of its opportunity-rich core asset base, and in the near-term (c.12 months of Admission) to drill up to five wells (3 development, 2 exploration) on the Tapir block.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Number of common shares of no par value ("Common Shares") for which Admission is being sought: 209,624,147

Placing price per Common Share: 6.25 pence

New Common Shares pursuant to the Placing may not be resold sold into Canada or on a Canadian exchange for four months and one day from the date of the Placing.

No Common Shares will be held in treasury on Admission.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised: £8.8 million (USD 12.1 million)

Anticipated market capitalisation on Admission at the placing price: £13.1 million (USD18.0 million)

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

26%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

TSX-V (Toronto Stock Exchange - Venture) in Canada. The Company will retain its TSX-V listing following Admission to AIM.

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Philip Gage Jull (Executive Chairman)

Marshall George Abbott (Chief Executive Officer)

Grant Michael Carnie (Senior Non-Executive Director)

Maria Charash Koundina (Non-Executive Director)

Anthony Amar Zaidi (Non-Executive Director)

Ravi Sharma (Non-Executive Director)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

	Before Admission	After Admission
Canacol Energy	7.3%	19.90%
Cavengas Holdings	6.0%	1.97%
International Investment Advisors S A	4.8%	1.57%
Minoan Investments Management	4.8%	1.56%
Inversions Madrid Zaragoza	4.3%	1.41%
DSP Distribution SA	4.3%	1.41%
H Bruce McDonald	3.5%	1.16%
Stellar Global Shipping	3.4%	1.13%
Broad Oceanway Inc	3.4%	1.13%
Tim Leslie	0%	9.74%
Edale Capital LLP	0%	7.20%
Spreadex Ltd	0%	4.58%
David and Monique Newlands	0%	3.05%

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

N/A

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

i. 31 December

ii. 30 June 2021 (Q2 2021, unaudited)

iii. The first three reports published, pursuant to AIM rules 18 and 19, will be:

a. 30 June 2022 (annual report and accounts for the period ending 31 December 2021)

b. 30 September 2022 (half year report for the six months ending 30 June 2022)

c. 30 June 2023 (annual report and accounts for the period ending 31 December 2022)

As an existing TSX-V listed company, Arrow prepares quarterly reports which are made available on its website and www.sedar.com in addition to the requirements of AIM Rules 18 and 19

EXPECTED ADMISSION DATE:

25 October 2021

NAME AND ADDRESS OF NOMINATED ADVISER:

Arden Partners plc

125 Old Broad Street

London

EC2N 1AR

NAME AND ADDRESS OF BROKER:

Arden Partners plc

125 Old Broad Street

London

EC2N 1AR

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The admission document will be available from the offices of Arden Partners at 125 Old Broad Street, London, EC2N 1AR

A digital copy of the admission document, containing full details about the applicant and the admission of its securities will be available on the Company's website at:

www.arrowexploration.ca

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

As a result of its listing on the TSX-V and being a reporting issuer in the Canada, Arrow is subject, among other laws and regulations, to instruments published by relevant Canadian securities regulators and as a result has already established corporate governance practices and procedures appropriate for a publicly listed company in Canada. The Company complies with Canadian corporate governance standards appropriate for publicly listed companies including NI 58-101 Disclosure of Corporate Governance Practices, which prescribes certain disclosure by the Company of its corporate governance practices, and NP 58-201 Corporate Governance Guidelines, which provides non-prescriptive guidelines on corporate governance practices for reporting issuers such as the Company.

DATE OF NOTIFICATION:

20 October 2021

NEW/ UPDATE:

UPDATE

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END

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Date	20 Oct 2021
Time	12:00:03
Category	Corporate updates
ID	6851P

Date	20 Oct 2021
Time	12:00:03
Category	Corporate updates
ID	6851P

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Schedule One Update - Arrow Exploration Corp.

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