Greenfire Resources Announces Preliminary Results for Oversubscribed Rights Offering
Greenfire Resources Ltd., an oil sands producer based in Calgary, Alberta, announced preliminary results for its C$775 million rights offering. The offering expired on September 15, 2026, at 4:00 p.m. (Calgary time) and was oversubscribed.
The company expects to issue a maximum of 114,985,163 common shares without relying on the standby commitment provided by certain limited partnerships comprising Waterous Energy Fund.
Preliminary results indicate that 113,685,671 common shares were subscribed for under the basic subscription privilege and an additional 26,734,254 common shares were subscribed for under the additional subscription privilege. The remaining 1,299,492 common shares will be allocated on a pro rata basis among holders who exercised their additional subscription privilege.
Greenfire plans to use the proceeds from the rights offering to fully repay its C$575 million bridge facility and a portion of other indebtedness incurred in connection with the company's recent acquisition of Connacher Oil and Gas Limited.