Greenfire Resources Announces Change of Control Offer to Purchase 12.000% Senior Secured Notes due 2028
Change of Control Offer Announcement: Greenfire Resources Ltd. has initiated a Change of Control Offer for its 12.000% Senior Secured Notes due 2028 following Waterous Energy Fund Corp.'s acquisition of a 56.5% interest in the company, with the offer commencing on December 27, 2024, and expiring on February 19, 2025.
Tender Offer Details: Holders of the Notes can tender their securities for US$1,010 per US$1,000 principal amount plus accrued interest, with the option to withdraw until February 20, 2025; the purchase of validly tendered Notes is expected to occur on February 24, 2025.
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Waterous Energy Fund Purchases 1.93 Million Shares of Greenfire Resources in C$12.8 Million Private Transaction
Acquisition Details: Waterous Energy Fund Management has acquired 1,926,055 common shares of Greenfire Resources (GFR) for C$6.65 per share, totaling C$12,808,265.75.
Ownership Percentage: The shares purchased represent approximately 2.7% of the total issued and outstanding common shares of Greenfire Resources.
Future Plans: Greenfire Resources is planning to raise C$300 million through a rights offering.
Additional Information: The article mentions financial insights and ratings related to Greenfire Resources, including a Q3 2025 earnings call transcript.
Waterous Energy Fund Purchases Stake in Greenfire Resources Ltd.
Acquisition Details: Waterous Energy Fund Management Corp. announced the purchase of 8,703,479 common shares of Greenfire Resources Ltd., representing approximately 12.4% of Greenfire's outstanding shares, for a total of C$57,007,787.45 at C$6.55 per share.
Ownership Increase: Following the transaction, Waterous Energy Fund's ownership in Greenfire increased from 55.9% to 68.3% of the issued and outstanding common shares, along with retaining 2,654,179 common share purchase warrants.
Investment Review Intent: Waterous Energy Fund intends to continuously review its investment in Greenfire and may adjust its ownership based on various factors, including market conditions and business developments.
Regulatory Compliance: The transactions were conducted outside of any stock exchange and are intended to comply with the private agreement exemption under Canadian securities regulations, with an early warning report to be filed with relevant securities commissions.