Canacol Energy Ltd. Announces Exercise of Warrants in Arrow Exploration Corp. and Filing of Early Warning Report
Summary
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESCALGARY, 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 \xa30.09 (C$0.15) per Common Share. Im confident that the skilled management team at Arrow will continue to increase value via the drill bit. The purpose of the transaction was to benefit from the fact that the exercise price of the Exercised Warrants (\xa30.09 (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 Arrows issuer profile. For further information or to obtain a copy of the early warning report, please contact Canacols Chief Financial Officer at 403.767.4077.Canacol is a natural gas exploration and production company with operations focused in Colombia. 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.