Greenfire completes refinancing, $300M rights offering

Executive Summary

• Greenfire Resources Ltd. has completed its previously announced rights offering and refinancing initiatives, raising approximately $298.5 million in gross proceeds.
• The company utilized the net proceeds from the rights offering, combined with existing cash on hand, to fully redeem its outstanding $237.5 million (U.S.) aggregate principal amount of 12% senior secured notes due 2028.
• Greenfire also closed on an upsized $275.0 million revolving credit facility with a syndicate of Canadian banks, leaving the company debt-free with the facility currently undrawn.

Key Details

• Rights Offering Structure: The offering was open to all eligible shareholders with a record date of November 17, 2025. Each right entitled holders to acquire 0.7849 of a common share.
• Share Issuance: The company issued an aggregate of 55,147,055 common shares, representing the maximum allotment available. This included 53,573,107 shares under the basic subscription privilege and 1,573,948 shares under the additional subscription privilege.
• Subscription and Proration: The rights offering was fully subscribed. Consequently, shares subscribed for under the additional subscription privilege were subject to proration. The standby commitment by Waterous Energy Fund limited partnerships was not utilized.
• Pricing and Proceeds: Common shares were issued at a price of $5.44 (Canadian) or $3.85 (U.S.) per share. The aggregate gross proceeds were approximately $298.5 million (Canadian), after conversion of U.S.-dollar subscriptions.
• Debt Redemption: The net proceeds, together with cash on hand, were used to redeem the outstanding $237.5 million (U.S.) aggregate principal amount of 12% senior secured notes due 2028.
• New Credit Facility: The company closed on an upsized $275.0 million revolving credit facility with a syndicate of Canadian banks. As of the release date, the facility is undrawn.
• Capitalization: As of the date of the release, the company has 125,404,146 common shares issued and outstanding.