Canacol Energy Ltd. Announces Exercise of Warrants in Arrow Exploration Corp. and Filing of Early Warning Report
16 Octobre 2023 - 2:00PM
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.
Charle Gamba, Canacol’s CEO, commented, “Canacol
has been a major shareholder in Arrow since their inception, and we
are very pleased that our patience paid off with outstanding recent
drilling results leading to a significant increase in reserves and
production. 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. The purpose of the transaction
was to benefit from the fact that the exercise price of the
Exercised Warrants (£0.09 (C$0.15)) was less than the current
market price of the Common Shares of Arrow.
The above referenced early warning report
relating to this press release has been filed on System for
Electronic Document Analysis and Review (SEDAR+) at
www.sedarplus.ca under Arrow’s issuer profile. For further
information or to obtain a copy of the early warning report,
please contact Canacol’s Chief Financial Officer at
403.767.4077.
About Canacol
Canacol is a natural gas exploration and
production company with operations focused in Colombia. The
Corporation's common stock trades on the Toronto Stock Exchange,
the OTCQX in the United States of America, and the Colombia Stock
Exchange under ticker symbol CNE, CNNEF, and CNEC,
respectively.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of applicable
securities law. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project",
"target", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur, including without limitation statements
relating to the percentage ownership of Arrow held by Canacol.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Corporation
cannot assure that actual results will be consistent with these
forward-looking statements. They are made as of the date hereof and
are subject to change and the Corporation assumes no obligation to
revise or update them to reflect new circumstances, except as
required by law.
For more information please contact:
Investor Relations
South America: +571.621.1747 IR-SA@canacolenergy.com
Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com
http://www.canacolenergy.com
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