Grant and PDMR Exercise of Stock Options
Arrow Exploration Corp. has announced the grant of 2,881,296 stock options to directors, officers, and employees at a strike price of CAD 0.375, with a total of 20,845,001 options now issued under the plan. Additionally, certain Directors and Persons Discharging Managerial Responsibilities (PDMRs) completed cashless exercises of 2,550,001 options on March 23, 2026, with the company paying the value difference from cash reserves rather than issuing new shares. These transactions are intended to align employee incentives with shareholder value enhancement.
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CALGARY, March 25, 2026 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to announce a stock options grant and exercise of stock options, by certain Directors and Persons Discharging Managerial Responsibilities (PDMRs).
Stock Options Grant
The Company has granted 2,881,296 stock options ("Options") to Directors, officers and employees, pursuant to the Company's Stock Option Plan (the "Plan"). The Plan is intended to assist in attracting, retaining, engaging and rewarding directors, officers and employees of the Company, provide additional incentive to these people for their efforts on behalf of the Company, and to align with the enhancement of shareholder value. The Plan was re-approved by shareholders at the Company's Annual General Meeting held on 24 September 2025. Under the Plan, the Company is able to issue Options to a maximum of 10% of the number of issued and outstanding common shares in the Company from time to time. The following PDMRs have been granted the Options listed below:
| PDMR Options Granted | Total options Held following Grant & Exercise | |
|---|---|---|
| Marshall Abbott | 1,292,408 | 5,615,001 |
| Gage Jull | 400,000 | 4,515,000 |
| Joe McFarlane | 400,000 | 4,515,000 |
| Ravi Sharma | 127,778 | 1,931,667 |
| Grant Carnie | 211,111 | 966,666 |
| Ian Langley | 100,000 | 966,667 |
| Total PDMR Options Granted | 2,531,297 | 18,510,001 |
The Options granted above have a strike price of CAD 0.375, and vest in thirds on each of the first, second and third anniversaries of grant. The Options expire six months after vesting. Following these grants and the exercises outlined below, the Company has a total of 20,845,001 options issued under the Plan.
In line with previous awards, the Options being granted today are to compensate the recipient for previous awards that have recently lapsed or been exercised meaning that their total interest in shares under option remains approximately constant.
Stock Options Exercise
On March 23 2026 the Company accepted exercising notices from PDMR holders who elected to use a "cashless" exercise of options. Using this method, which is permissible under the terms of the Company's share option plan, as approved as a resolution by shareholders 24 September 2025, the Company pays the option holder the value of the option (volume weighted average trading 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 | Volume Weighted Average Trading Price | |
|---|---|---|---|
| Gage Jull | 900,000 | CAD 0.05 | CAD 0.408 |
| Joe McFarlane | 900,000 | CAD 0.05 | CAD 0.408 |
| Ravi Sharma | 83,334 | CAD 0.26 | CAD 0.408 |
| Grant Carnie | 333,334 | CAD 0.26 | CAD 0.408 |
| Ian Langley | 333,333 | CAD 0.33 | CAD 0.408 |
| Total | 2,550,001 |
About Arrow Exploration Corp.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.