80 Mile PLC, the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, has announced a placing to raise approximately £1.9 million, before expenses, by way of the issue of 283,581,890 new ordinary shares in the capital of the Company to certain existing shareholders, international and domestic institutions, and sophisticated investors at a price of 0.67 pence per Ordinary Share.
The Placing Price represents a 10% per cent. discount to the closing price of 0.75p pence per Ordinary Share on 24 July 2026, being the latest practicable date prior to the publication of this announcement. The Placing Shares are being issued pursuant to the Company's existing share authorities.
Placing Details
- Placing of new 283,581,890 Ordinary Shares to raise approximately £1.9 million (before expenses) at 0.67 pence per new Ordinary Share.
- The Placing Shares are being issued pursuant to the Company's existing shareholder authorities.
- The Placing Shares represent approximately 5% per cent. Company's share capital as enlarged by the Placing.
Use of Proceeds
The net proceeds of the Placing will be used for:
- General and Administrative expenses
- The Ferrandina plant in Italy and activities associated with the restart of the plant
- The Finland projects in preparation for their sale
- The Dundas project and upcoming sampling programme
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. It is expected that Admission will become effective and dealings in the Placing Shares will commence on AIM at 8.00 a.m. on or around 30 July 2026.
The Placing Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 5,588,657,935 with voting rights and there are no treasury shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Roderick McIllree, Executive Director of 80 Mile, stated;
'This Placing strengthens our financial position as we enter one of the most active periods in the Company's history. Preparations for the fully funded two-well drilling campaign at Jameson are well advanced. This programme will test one of the largest remaining undrilled conventional hydrocarbon basins in the Western world and represents a major milestone for 80 Mile and our partners.
'At the same time, the Disko-Nuussuaq drilling campaign is already underway, with two rigs systematically testing high-priority nickel-copper-PGE targets under the fully funded joint venture. These two programmes, together with progress at the Ferrandina biofuels plant in Italy, underline the momentum we have built across the portfolio with US$100,000,000 of committed and funded expenditure and two US listed joint venture partners. We are now in a very strong position.
'We remain focused on disciplined execution and look forward to updating shareholders as these key programmes advance.'
Company Update
The Company held high-level talks in Nuuk last week with regulatory and oversight bodies and is pleased with the status of permitting and support shown for the Jameson project. The approval process and logistical preparations for the fully funded, two-well, drilling campaign at Jameson continue at a pace, with the Stampede Drilling drill rig recently rebuilt and commissioned prior to being containerised and loaded onto the equipment ship destined for Greenland in several months. The Company and its JV partner Greenland Energy Company are testing one of the world's largest remaining undrilled hydrocarbon basins in H2 2026.
Management also visited the Disko drill site on the same trip and inspected each of the proposed drill locations. Good progress is being made, supported by the exploration camp, which provides an impressive operational base. At Disko-Nuussuaq, the fully funded US$30 million JV programme (including US$10 million allocated for spring/summer 2026) will continue for three years with initial planning to test nine drill holes. Management is highly encouraged by the current state of operations and the progress achieved to date. The programme is targeting a replication of the Norilsk analogy, which is a globally recognised nickel-copper deposit. 80 Mile retains operational leadership of this project.
The Company will update shareholders on progress at the Greenswitch Ferrandina plant in due course.
Source: 80 Mile PLC
