Greenfire Resources, a Calgary-based energy company focused on the sustainable production and development of thermal energy resources from the Athabasca region of Canada, closed its business combination with M3-Brigade Acquisition III. The deal values Greenfire at $950 million.
Greenfire Resources began trading today on the NYSE under the symbol GFR.
In connection with the closing, the parties also closed an approximately $42 million private placement.
An aggregate of $50 million in shares was subscribed for under the transaction financing, but approximately $8 million was automatically reduced due to funds remaining in MBSC’s trust account at closing as a result of approximately 2.5% of the SPAC’s shares not electing to redeem.
Greenfire Resources investors hold approximately 87% of the outstanding common shares.
Greenfire also closed a private offering of $300 million aggregate principal amount of senior secured notes, which were issued at $980 per $1,000 principal amount. The new notes mature Oct. 1, 2028 and have a fixed coupon of 12% per annum. Read more.
