An Alberta Securities Commission panel has issued a written decision setting out the reasons for its November 6, 2024 order concerning certain securities of Greenfire Resources Ltd. The order granted an application by entities managed by Waterous Energy Fund Management Corp. and three sellers to cease trade Greenfire’s shareholder rights plan, and dismissed Greenfire’s application to block transfers of shares under the relevant share purchase agreements. The dispute arose after the Waterous-managed entities entered into share purchase agreements on September 16, 2024 to acquire Greenfire shares from three sellers. Greenfire adopted a shareholder rights plan on September 18, 2024, prompting Waterous and the sellers to apply on September 26, 2024 to cease trade the plan; Greenfire filed its own application on October 2, 2024 seeking primarily to cease trade any transfer of shares under the share purchase agreements.
Alberta Securities Commission 2025-07-24
Alberta Securities Commission publishes written reasons for order ceasing trade Greenfire shareholder rights plan
The Alberta Securities Commission panel issued a decision detailing its November 2024 order regarding Greenfire Resources Ltd. securities. The order approved Waterous Energy Fund Management Corp.'s application to cease trade Greenfire’s shareholder rights plan and rejected Greenfire’s attempt to block share transfers under existing agreements.