PDMR Exercise of Options
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CALGARY, July 4, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, announces the exercise of stock options, which were set to expire immediately, by certain Directors and Persons Discharging Managerial Responsibilities (PDMRs).
The options exercise was accepted by the Company on July 2, 2024 and holders elected to use a "cashless" exercise of options. Using this method, which is permissible under the terms of the Company's share option plan, the Company pays the option holder the value of the option (market price less strike price) from cash reserves. Accordingly, no new shares were issued for the option exercise.
A summary of the options exercised is as follows:
| Options Exercised | Strike Price | Market Price at Exercise | |
| Gage Jull | 750,000 505,000 | CAD 0.13 CAD 0.28 | CAD 0.475 CAD 0.475 |
| Ravi Sharma | 333,333 144,444 | CAD 0.13 CAD 0.28 | CAD 0.475 CAD 0.475 |
| Anthony Zaidi | 333,333 144,444 | CAD 0.13 CAD 0.28 | CAD 0.475 CAD 0.475 |
| Joe McFarlane | 750,000 505,000 | CAD 0.13 CAD 0.28 | CAD 0.475 CAD 0.475 |
| Total | 3,465,554 |
About Arrow Exploration Corp.
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