Greenfire Announces Deferred Consideration of the Shareholder Rights Plan by the Toronto Stock Exchange

Rhea-AI Summary

Greenfire Resources (NYSE: GFR) (TSX: GFR), a Calgary-based energy company, has announced that the Toronto Stock Exchange (TSX) has deferred consideration of its shareholder protection rights plan agreement (Rights Plan). This deferral will continue until the TSX is satisfied that the appropriate securities commission will not intervene under National Policy 62-202.

The Rights Plan was adopted in response to the September 16, 2024 announcement that Waterous Energy Fund Management Corp. (WEF) had entered agreements to acquire 43.3% of Greenfire's outstanding common shares. The TSX typically defers acceptance of shareholder rights plans adopted in response to specific take-over bids.

The full text of the Rights Plan will be available on SEDAR+ and SEC websites.

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Calgary, Alberta--(Newsfile Corp. - September 20, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources from the Athabasca region of Alberta, Canada announces that it has filed the Greenfire shareholder protection rights plan agreement (the "Rights Plan") with the Toronto Stock Exchange (the "TSX") and that it has been notified by the TSX that the TSX will defer consideration of the acceptance of the Rights Plan until such time as the TSX is satisfied that the appropriate securities commission will not intervene pursuant to National Policy 62-202 - Take-Over Bids - Defensive Tactics.

The Rights Plan was adopted in light of the announcement on September 16, 2024 that the Waterous Energy Fund Management Corp. in its capacity as manager of certain limited partnerships (collectively, "WEF") had entered into agreements with certain Greenfire shareholders to acquire 43.3% of the issued and outstanding common shares of the Company. Pursuant to TSX policies, the TSX normally defers acceptance of shareholder rights plans adopted in response to a specific take-over bid.

The description of the Rights Plan in this press release is qualified in its entirety by the full text of the Rights Plan, which will be available under the Company's profile on SEDAR+ at www.sedarplus.ca or at www.sec.gov.

About Greenfire

Greenfire is an intermediate, lower-cost and growth-oriented Athabasca oil sands producer with concentrated Tier-1 assets that use steam assisted gravity drainage extraction methods. The Company is operationally focused with an emphasis on an entrepreneurial environment and a high level of employee ownership. Greenfire Common Shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X.

Contact Information

Greenfire Resources Ltd.

205 5th Avenue SW
Suite 1900
Calgary, AB T2P 2V7
investors@greenfireres.com
greenfireres.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224127

FAQ

Why did Greenfire Resources (GFR) adopt a shareholder protection rights plan?

Greenfire Resources (GFR) adopted the Rights Plan in response to Waterous Energy Fund Management Corp.'s announcement on September 16, 2024, that it had entered agreements to acquire 43.3% of Greenfire's outstanding common shares.

What action has the Toronto Stock Exchange (TSX) taken regarding Greenfire's (GFR) Rights Plan?

The Toronto Stock Exchange (TSX) has deferred consideration of Greenfire's (GFR) shareholder protection rights plan agreement until it is satisfied that the appropriate securities commission will not intervene.

When was Greenfire Resources' (GFR) Rights Plan filed with the Toronto Stock Exchange?

The press release does not specify the exact date when Greenfire Resources (GFR) filed the Rights Plan with the Toronto Stock Exchange. It only mentions that the company has filed the plan and received notification of the deferral.

Where can investors find the full text of Greenfire Resources' (GFR) Rights Plan?

The full text of Greenfire Resources' (GFR) Rights Plan will be available under the company's profile on SEDAR+ at www.sedarplus.ca and on the SEC website at www.sec.gov.