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Calgary, Alberta--(Newsfile Corp. - November 7, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), the oil and gas exploration and production company with key interests in basins in Colombia and Canada, announces that an application has been made to the London Stock Exchange for a block listing of securities in respect of 40,000,000 Common Shares (the "New Common Shares") to be admitted to trading on AIM. It is expected that admission will become effective on or around November 8, 2022.
The New Common Shares will be issued when necessary, in order to satisfy the issue of shares pursuant to the exercise of warrants issued in the capital raising in October 2021. When issued, the New Common Shares will be credited as fully paid and will rank pari passu in all respects with the existing Common Shares in the capital of the Company ("Common Shares").
Change of Auditor
The Company also announces that it has changed its auditors from Deloitte LLP ("Former Auditor") to Ernst & Young LLP ("Successor Auditor") effective October 31, 2022.
At the request of the Company, the Former Auditor resigned as the auditor of the Company effective October 31, 2022 and the Company's board of directors, on the recommendation of its Audit Committee, appointed the Successor Auditor as the Company's auditor effective October 31, 2022, until the next annual or special meeting of the Company's shareholders.
There were no reservations in the Former Auditor's audit reports for any financial period during which the Former Auditor was the Company's auditor. There are no "reportable events" (as the term is defined in National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102")) between the Company and the Former Auditor.
In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Company's Audit Committee and filed on SEDAR.
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO
+1 403 651 5995
Joe McFarlane, CFO
+1 403 818 1033
Brookline Public Relations, Inc.
Shauna MacDonald
+1 403 538 5645
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O'Connor
Gordon Hamilton
+44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate)
+44 (0)7711 627449
Rupert Holdsworth Hunt
44 7803 752399
Camarco (Financial PR)
Georgia Edmonds
Rebecca Waterworth
Billy Clegg
+44 (0)20 3781 8331
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Arrow's 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".