Arrow Exploration Corp. Confirms Appointment of Bruce Mcdonald as President & Ceo, Appointment of a New Board Chair, Director Resignation and Issuance of Stock Options

Source Press Release
Company Arrow Exploration Corp. 
Tags People
Date May 03, 2019

ARROW Exploration Corp. ("Arrow" or the "Company:") (TSXV: AXL), is pleased to announce that this afternoon Mr. Bruce McDonald accepted the permanent appointment as Arrow's President & Chief Executive Officer, and existing independent director, Mr. Dominic Dacosta, accepted the appointment as Chairman of Arrow's Board of Directors (the "Board"), both appointments effective immediately.

The Company previously announced on April 30, 2019 that in contemplation of the upcoming retirement of Mr. Gary Wine, the Board accepted Mr. Wine's resignation as Arrow's President & Chief Executive Officer effective May 1, 2019, and at that time appointed Mr. McDonald as interim President & Chief Executive Officer. Earlier today, Mr. Wine also tendered his resignation from the Board, which was accepted effective immediately. The Board continues to evaluate candidates and anticipates appointing a new independent director in the near future.

The Board is pleased to confirm that Mr. McDonald has accepted its request to lead the Company as permanent President & Chief Executive Officer and to relinquish his current role as Executive Chairman.

In addition to the appointment of Mr. Dacosta as Board Chair, Mr. Dacosta has also been appointed to the Company's Audit Committee in place of Mr. McDonald, who today stepped down from that role in conjunction with his appointment as President and CEO, and Mr. James McFarland has been appointed today to sit on the Company's Reserves Committee in place of Mr. Wine, who has resigned.

In addition, Arrow also announces the issuance this afternoon of a total of 1,665,000 stock options ("Options"), pursuant to the Company's Stock Option Plan (the "Plan"), to Directors, Officers and Employees of the Company, subject to regulatory approval. 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 the enhancement of shareholder value. 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 1,665,000 Options granted on May 3, 2019 have a strike price of CAD$0.31, rounded up to the nearest whole cent from today's closing market price of the Company's common shares trading on the TSX Venture Exchange, May 3, 2019. The grant of Options is subject to regulatory approval. The Options were issued pursuant to the Plan, vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance, and expire on May 3, 2029.

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