Greenfire Resources completes C$300 million rights offering

Greenfire Resources Ltd. (NYSE: GFR) announced the completion of its C$300 million rights offering and related refinancing initiatives. The rights offering expired on December 16, 2025, at 4:00 p.m. Calgary time.

The company issued 55,147,055 common shares at C$5.44 per share for Canadian subscribers and US$3.85 per share for U.S. subscribers, generating gross proceeds of approximately C$298.5 million. Each right entitled holders to acquire 0.7849 of a common share. The offering was fully subscribed, with 53,573,107 shares issued under the basic subscription privilege and 1,573,948 shares under the additional subscription privilege.

Greenfire used the net proceeds from the rights offering, along with cash on hand, to redeem its outstanding US$237.5 million aggregate principal amount of 12% senior secured notes due 2028. The company also closed on an upsized $275 million revolving credit facility with a syndicate of Canadian banks.

Following these transactions, Greenfire has 125,404,146 common shares outstanding. The senior credit facility remains undrawn, and the company reports being debt-free.

The Calgary-based company develops thermal oil assets in Alberta's Athabasca region. Greenfire did not utilize a standby commitment from Waterous Energy Fund limited partnerships, which had agreed to purchase any unsubscribed shares.

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