Arrow Announces Issuance of Stock Options

Source: www.gulfoilandgas.com 9/9/2022, Location: North America

Arrow Exploration Corp., announces the issuance of a total of 2,250,000 stock options ("Options"), pursuant to the Company's Stock Option Plan ("the Plan") to certain Directors as detailed below.

The Plan is intended to assist in attracting, retaining, engaging, and rewarding directors, officers, employees, and consultants of the Company, provide additional incentive to these people for their efforts on behalf of the Company, and to align with shareholder interests. Under the Plan, the Company can issue Options to a maximum of 10 per cent of the number of issued and outstanding common shares in the Company from time to time.

Included in the total issuance of Options above, the following have been awarded to directors/PDMRs:
The Options issued have an exercise price of CAD $0.26, the closing market price of the Company's common shares trading on the TSX Venture Exchange on September 7, 2022. The Options vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance, and expire on six (6) months after vesting. The grant of the Options is subject to regulatory acceptance. Following the issuance of these Options, the Company shall have a total of 18,095,000 options issued under the Plan.


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