A. Alshinbayev Announces Acquisition of Common Shares of Arrow Exploration Corp.

HONG KONG, May 8, 2024 /CNW/ - A. Alshinbayev reports the acquisition of common shares of Arrow Exploration Corp. ("Arrow") (TSXV: AXL) (AIM: AXL). On May 3, 2024, Mr. Alshinbayev purchased 48,046,402 Common Shares in an open market purchase on the TSX at a price of $0.317 per Common Shares (£0.185), for aggregate consideration of approximately $15,243,922.19 (£8,888,584.37) (the "Purchase Transaction").  

Immediately prior to the Purchase Transaction, Mr. Alshinbayev did not own or exercise control or direction over any Common Shares. As a result of the Purchase Transaction, Mr. Alshinbayev acquired 48,046,402 Common Shares, representing approximately 16.8% of the issued and outstanding Common Shares. 

The Purchase Transaction and the Sale Transaction were solely for investment purposes. Mr. Alshinbayev may take actions in the future in respect of his security holdings in Arrow based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of Common Shares, whether in the open market, by privately negotiated agreement or otherwise.

Arrow's head office is located at 1430, 333 11^th Avenue SW, Calgary, AB T2R 1L9.

This press release is being issued pursuant to NI 62-103, which requires an early warning report to be filed under Arrow's profile on SEDAR (www.sedarplus.ca) containing further information respecting the foregoing matters. For a copy of such report or further information, you may contact:

SOURCE A. Alshinbayev