Arrow Exploration Provides Update on Timing of March 31, 2020 Quarterly Filings

Source Company Press Release
Company Arrow Exploration Corp.
Tags Corporate: Overview/Strategy, Country: Canada
Date June 29, 2020

ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV:AXL) provides the following corporate update.

Due to logistics and delays caused by the COVID-19 virus, Arrow is relying on the exemption ‎provided in Alberta Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (the “Alberta Order”) of the Alberta Securities Commission and similar exemptions ‎provided by the other securities commissions to postpone the filing of the ‎following continuous disclosure documents (collectively, the “Documents”):

  • the Company’s Unaudited Financial Statements for the quarter ended March ‎‎31, 2020, as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure ‎Obligations (“NI 51-102”);‎ and
  • the Company’s Management Discussion & Analysis for the quarter ended March ‎‎31, 2020, as required by section 5.1(2) of NI 51-102.

According to the Alberta Order during the period from March 23, 2020 to June 1, 2020, a person or ‎company required to make certain filings as described in the Alberta Order has an additional 45 ‎days from the deadline otherwise applicable under Alberta securities laws to make the filing. Arrow expects to file the Documents by no later than July 14, 2020.‎

Until the ‎Company has filed the Documents, members of the Company’s management and other insiders are subject to an insider trading black-out period as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File ‎Cease Trade Orders and Revocations in Multiple Jurisdictions. Until the ‎Company has filed the required Documents, members of the Company’s management and other insiders will ‎observe a trading blackout consistent with the principles in Section 9 of National Policy 11-207 - Failure-‎to-File ‎Cease Trade Orders and Revocations in Multiple Jurisdictions.‎

The Company is also providing the following update on material business developments since the date of the Company’s last press release of May 31, 2020, which disclosed that the Company would be relying on the Alberta Order:

  • On June 2, 2020, the Company announced the filing of its 2019 year-end audited financial statements and MD&A, and the filing of its 2019 year-end reserve report;
  • On June 9, 2020, the Company announced that it was unaware of any material change in the Company’s operations that would account for the increase in market activity preceding the announcement; and
  • On June 12, 2020, the Company announced an update on a proposed private placement, option grant and its strategic review.
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