Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF), a Colombia-focused oil explorer, made its debut on London’s Alternative Investment Market today.
The company, which is already listed on Toronto’s junior Venture exchange, raised about £8.8mln in a placing and subscription at an issue price of 6.25p alongside its AIM admission.
The proceeds of the fundraising will help fund the drilling of two wells at Rio Cravo Este, starting by the end of 2021, and will also be deployed in drilling the Carrizales Norte-1 exploration well.
READ: Arrow Exploration announces fundraising and publication of AIM admission document
"We are thrilled to have completed our London dual listing having received such strong support and interest in our story from new and existing shareholders,” said chief executive Marshall Abbott.
"Our offering to London audiences is unique. We have multiple, near-term value catalysts in a jurisdiction which is extremely supportive, under-explored and has existing infrastructure already in place.
“Our portfolio contains both development wells, providing low-risk immediately cash-generative growth opportunities, but also higher risk exploration opportunities, which we look forward to drilling shortly.”