Waterous Energy Fund Closes Acquisition of 43.3% of the Shares of Greenfire Resources Ltd.

Rhea-AI Summary

Waterous Energy Fund Management Corp. has closed its acquisition of 43.3% of Greenfire Resources 's shares. The transaction involved purchasing 29,988,854 common shares for USD$8.05 per share, totaling approximately USD$241,261,721. The acquisition follows a decision by the Alberta Securities Commission on November 6, 2024, which granted WEF's application to cease trade Greenfire's initial shareholder rights plan and dismissed Greenfire's cross-application to cease trade the transaction.

Positive

• Waterous Energy Fund acquired 43.3% of Greenfire Resources , increasing their stake significantly.
• The acquisition was valued at approximately USD$241,261,721, showing substantial investment.

Negative

• Greenfire's initial shareholder rights plan was ceased by the Alberta Securities Commission, indicating potential internal conflict.

News Market Reaction – GFR

-4.83%

-4.83% Session move

In the trading session that priced this news, GFR declined 4.83%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CALGARY, AB, Nov. 11, 2024 /PRNewswire/ - Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships comprised of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, "WEF"), announces that it has closed its previously announced acquisition of an aggregate of 29,988,854 common shares (the "Purchased Shares") of Greenfire Resources Ltd. ("Greenfire") (TSX and NYSE: GFR) (the "Transaction"). The Purchased Shares represent approximately 43.3% of the issued and outstanding common shares of Greenfire, and were acquired for cash consideration of USD$8.05 per Purchased Share, representing an aggregate purchase price of approximately USD$241,261,721.

The closing of the Transaction follows the decision by the Alberta Securities Commission issued on November 6, 2024 granting WEF's application to cease trade Greenfire's initial shareholder rights plan, and dismissing Greenfire's cross-application to cease trade the Transaction.

For further information, please contact Waterous Energy Fund at info@waterous.com.

View original content:https://www.prnewswire.com/news-releases/waterous-energy-fund-closes-acquisition-of-43-3-of-the-shares-of-greenfire-resources-ltd-302300697.html

SOURCE Waterous Energy Fund Management Corp.

FAQ

What percentage of Greenfire Resources shares did Waterous Energy Fund acquire?

Waterous Energy Fund acquired 43.3% of Greenfire Resources shares.

How much did Waterous Energy Fund pay per share in the acquisition of Greenfire Resources ?

Waterous Energy Fund paid USD$8.05 per share.

What was the total value of Waterous Energy Fund's acquisition of Greenfire Resources shares?

The total value of the acquisition was approximately USD$241,261,721.

When did the Alberta Securities Commission grant the application to cease trade Greenfire's initial shareholder rights plan?

The Alberta Securities Commission granted the application on November 6, 2024.