Greenfire to raise C$575M via Rights Issue for Connacher acquisition

Greenfire Resources Ltd. is launching a rights offering to raise a minimum of C$575 million. The funds will be used to repay a $575 million bridge facility, which was incurred to finance the C$1.29 billion acquisition of Connacher Oil and Gas Limited. Existing shareholders will receive transferable rights to subscribe for subscription receipts, with major shareholders providing a standby commitment to ensure full subscription. The subscription receipts, convertible into common shares, are expected to be listed on both the Toronto Stock Exchange and the New York Stock Exchange.