Greenfire Resources Plans C$300 Million Rights Offering
Rights Offering Announcement: Greenfire Resources Ltd. plans to undertake a rights offering of its common shares to raise approximately C$300 million, with details to be finalized before the offering commences.
Standby Purchase Agreement: The company expects to enter into a standby purchase agreement with Waterous Energy Fund, which holds about 55.9% of Greenfire's shares, to ensure full subscription of the offering.
Use of Proceeds: The net proceeds from the rights offering will be used to redeem US$237.5 million of outstanding senior secured notes due in 2028, with a conditional notice of redemption to be issued following the offering's launch.
Regulatory Compliance: The rights offering will be conducted in Canada and the U.S., subject to necessary approvals and market conditions, and will comply with applicable securities laws.
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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.