Greenfire Resources launches CAD$300 million rights offering

Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) announced the launch of a CAD$300 million rights offering and conditional redemption of its US$237.5 million senior secured notes due 2028.

The rights offering is available to common shareholders of record as of November 17, 2025. Each shareholder will receive one right per common share held, with each right allowing the purchase of 0.7849 common shares at CAD$5.44 or US$3.85 per share. The subscription price represents a 15% discount to the company's two-day volume-weighted average share price as of November 5, 2025.

Waterous Energy Fund limited partnerships, which own approximately 55.9% of Greenfire's outstanding common shares, have agreed to a standby purchase commitment. Under this agreement, they will exercise their subscription rights in full and purchase any remaining unsubscribed shares to ensure the maximum number of shares are issued under the offering.

The company plans to use proceeds from the rights offering, along with cash on hand, to redeem the 2028 notes. The redemption is conditional on completion of the rights offering and is scheduled for December 19, 2025, at 106% of the principal amount plus accrued interest.

Rights will trade on the TSX under symbol "GFR.RT" starting November 17, 2025, and on the NYSE beginning November 14, 2025, under "GFR RTWI" on a when-issued basis before switching to "GFR RT" for regular trading on November 25, 2025. The rights expire on December 16, 2025.

Greenfire currently has 70,256,512 common shares outstanding and expects 125,403,570 shares to be outstanding following completion of the rights offering. The company operates thermal oil assets in Alberta's Athabasca region.

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