05:59 AM EDT, 09/17/2024 (MT Newswires) -- Greenfire Resources ( GFR ) late on Monday said a group of investors that includes two members of the board will sell a 43% stake in the company for $328 million.

Allard Resources, controlled by Greenfire director Julian McIntyre, Annapurna, controlled by another Greenfire director Venkat Siva, and Modro Holdings will collectively sell 30 million shares for $10.93 apiece to Waterous Energy Fund under a private share purchase agreement.

After the transaction's completion, Allard, Annapurna and Modro will cease to be shareholders of Greenfire.

Greenfire is trading 3.3% higher at US$7.62 in U.S. premarket trading. The shares jumped 18% yesterday on the Toronto stock exchange.