Greenfire Resources Ltd. Announces Closing of Rights Offering and Refinancing Initiatives

Greenfire Resources Ltd. has successfully completed its refinancing initiatives, including a C$300.0 million rights offering. The offering resulted in the issuance of 55,147,055 common shares at C$5.44 or US$3.85 per share, raising approximately C$298.5 million in gross proceeds. The company utilized these proceeds, along with cash on hand, to redeem its outstanding US$237.5 million aggregate principal amount of 12% senior secured notes due 2028. Additionally, Greenfire closed on an upsized $275.0 million revolving credit facility, which remains undrawn, rendering the company debt-free. Greenfire is an oil sands producer focused on developing its thermal oil assets in Alberta, Canada.