M3-Brigade Acquisition III Corp. (MBSC) Secures Approval for Greenfire Resources Deal, Warrant Agreement
by Nicholas Alan Clayton on 2023-09-12 at 8:53am

M3-Brigade III (NYSE:MBSC) announced in an 8-K this morning that its shareholders have approved its combination with Canadian energy producer Greenfire while warrant holders approved a proposal to buy back all outstanding warrants.

The SPAC has not yet revealed redemption figures and it went into the vote with its full trust that had about $303 million available. The company supplemented this with a $50 million PIPE and $50 million in convertible notes with an eye to securing the $100 million minimum cash condition with outside capital.

This funding was only to be drawn if M3-Brigade III’s trust was set to drop below $100 million and the filing noted that “all conditions to closing have been met” in one way or another. The parties planned to distribute $75 million to shareholders from these proceeds.

Greenfire also plans to refinance its 12% senior secured notes due 2025 that were a part of $170 million in existing debt Greenfire had on announcement. If Greenfire takes on more than $25 million in new debt commitments at close, then M3-Brigade III’s sponsor will forfeit 750,000 promote shares (10%) along with 2,500,000 (33%) it has already agreed to cancel.

Warrant holders meanwhile approved an agreement to exchange all 10,000,000 of M3-Brigade III’s outstanding warrants for a right to receive a $0.50 cash payment at close.

The two sides now expect to close the combination on September 27, or earlier if the refinancing is completed is completed ahead of schedule.

M3-Brigade III initially announced its $950 million deal with Greenfire in December 2022. Calgary-based Greenfire Resources is an oil sands producer focused on responsibly drawing hydrocarbons from two sites in Alberta.

 

M3-Brigade Acquisition III Corp. (MBSC) Secures Approval for Greenfire Resources Deal, Warrant Agreement
Recent Posts
by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

by Nicholas Alan Clayton on 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved