80 Mile has secured a seven-day extension to Greenland Energy Company’s offer deadline, while outlining revised merger terms and a proposed £3 million interim loan.
The November 3 announcement sets a new deadline of 5 p.m. London time on November 10. Both companies said due diligence was substantially complete, with remaining work and negotiations on definitive transaction documents continuing.
“We remain committed to the process and the thesis of this combination,” Greenland Energy Executive Chairman Larry Swets told GreenlandEnergy.com.
Under the revised proposal, 80 Mile shareholders would receive approximately 0.0079485 Greenland Energy shares for each 80 Mile share. Greenland Energy no longer plans to issue the warrants previously proposed for its existing shareholders.
Greenland Energy also intends to provide a 12-month unsecured convertible loan alongside a firm offer. The £3 million facility remains subject to agreement on detailed terms and Takeover Panel consent.
80 Mile said its current cash resources are not expected to cover its planned strategy through completion, particularly the ramp-up of its Italian biodiesel operations.
No firm offer has been announced, and definitive transaction documents remain unsigned.
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