ASC cease trades Greenfire Resources Ltd.'s Shareholder Rights Plan

CALGARY, AB, Nov. 8, 2024 /CNW/ - Following a hearing on November 5, 2024, the Alberta Securities Commission (ASC) issued an Order relating to certain securities of Greenfire Resources Ltd. (Greenfire).

On September 16, 2024, several entities managed by Waterous Energy Fund Management Corp. (Waterous) entered into agreements (the Share Purchase Agreements) to purchase Greenfire shares from three sellers, Allard Services Limited, Annapurna Limited and Modro Holdings LLC. On September 18, 2024, Greenfire adopted a Shareholder Rights Plan. Waterous and the sellers filed an application with the ASC on September 26, 2024, to cease trade that plan. Greenfire filed an application with the ASC on October 2, 2024, primarily to cease trade any transfer of Greenfire shares under the Share Purchase Agreements.

On November 6, 2024, an ASC panel granted the application of Waterous and the sellers, ordering "that trading cease in respect of any securities issued or that may be issued in connection with or pursuant to the Shareholder Rights Plan." The panel dismissed Greenfire's application.

The panel's written reasons will be released at a later date.

A copy of the Order can be found on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information please contact: For media inquiries: Gabrielle Chamiço, Advisor, Communications, [email protected]; For investor inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488, [email protected]