Canacol Energy Ltd. Announces Exercise of Warrants in Arrow Exploration Corp. and Filing of Early Warning Report
CALGARY, Alberta, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to announce that it filed an early warning report today in connection with the exercise on October 13, 2023 by Canacol of 18,357,602 warrants (the “Exercised Warrants”) to purchase 18,357,602 common shares (the “Common Shares”) in the capital of Arrow Exploration Corp. (“Arrow”), a public company listed for trading on the TSX Venture Exchange and the AIM Market of the London Stock Exchange, at an exercise price of £0.09 (C$0.15) per Common Share. The Exercised Warrants had been acquired by Canacol pursuant to a private placement completed by Arrow October 25, 2021.
- I’m confident that the skilled management team at Arrow will continue to increase value via the drill bit.
- Canacol’s present intention is to hold our interest in Arrow at this time.”
Prior to the exercise of the Exercised Warrants, Canacol held an aggregate of approximately 22.5% of the issued and outstanding Common Shares of Arrow on a partial diluted basis, being 41,715,205 Common Shares of Arrow and 18,357,602 warrants to purchase additional common shares of Arrow at an exercise price of £0.09 (C$0.15) (being the Exercised Warrants).
The exercise of the Exercised Warrants and corresponding Common Shares represent 6.9% of the issued and outstanding Common Shares of Arrow on a partial diluted basis. - Subsequent to the exercise of the Exercised Warrants, Canacol holds an aggregate of 60,072,807 Common Shares of Arrow, which represents approximately 22.5% of the issued and outstanding common shares of Arrow.
The Exercised Warrants, if not exercised, would have expired on October 25, 2023. - For further information or to obtain a copy of the early warning report, please contact Canacol’s Chief Financial Officer at 403.767.4077.