USFM Corporation, the U.S. company funding exploration at 80 Mile’s Disko-Nuussuaq project in Greenland, has signed a definitive merger agreement designed to take USFM into the U.S. public markets.
Under the agreement, a USFM subsidiary will merge into Nasdaq-listed Twin Vee PowerCats Co. Twin Vee will survive as a wholly owned subsidiary of USFM, and the combined public company is expected to trade on NYSE American after the transaction closes.
The transaction was announced by Twin Vee on July 13 and acknowledged by 80 Mile in a regulatory announcement on July 14.
“80 Mile looks forward to continuing its close collaboration with USFM on the 2026 exploration drilling programme at the Disko [project],” the company said.
80 Mile emphasized that it is not a party to the merger. It did not announce any change to the ownership, funding or operating structure of the Disko-Nuussuaq joint venture.
Twin Vee shareholders to receive 10% of USFM
According to Twin Vee’s filing with the U.S. Securities and Exchange Commission, existing Twin Vee shareholders will receive USFM shares representing 10% of USFM’s fully diluted shares immediately after the merger.
The structure implies that USFM’s existing shareholders will retain approximately 90% of the combined company, subject to the final capitalization disclosed before closing.
Twin Vee’s recreational boat business will be separated from the public company before the merger. Its marine assets and liabilities will be transferred to a newly formed contingent value rights trust for the benefit of existing Twin Vee shareholders.
The trust will operate or seek to sell the marine business privately. Existing Twin Vee shareholders will receive nontransferable rights to potential future distributions from that business, in addition to their shares in USFM.
As a result, the publicly traded company emerging from the transaction is expected to be centered on USFM and its critical-mineral interests rather than Twin Vee’s boat-manufacturing operations.
A public-market route for Disko’s funding partner
USFM is a privately held Colorado-based mineral exploration company whose current focus is the Disko-Nuussuaq nickel, copper, cobalt and platinum-group-element project in West Greenland.
The company has agreed to fund $30 million of exploration expenditure at Disko to earn a 51% interest. Under that arrangement, 80 Mile will retain a 49% free-carried interest through the earn-in period and continue serving as the project’s operational manager.
Drilling began at Disko in July. The initial campaign calls for approximately 9,000 meters of drilling using two diamond rigs, targeting large geophysical anomalies identified beneath the project area.
If completed, the Twin Vee transaction would give USFM access to the U.S. public equity markets while it finances that work.
Closing remains subject to approvals
Twin Vee said the parties are targeting completion during the third quarter of 2026. The merger agreement establishes October 31 as an outside closing date, subject to its termination provisions.
The transaction still requires several approvals and conditions, including shareholder approval, SEC effectiveness of the registration statement, completion of the marine-business restructuring and approval to list the new shares on a recognized U.S. exchange.
For 80 Mile, the immediate position is unchanged: USFM continues to finance the Disko program, while 80 Mile operates the exploration campaign and retains its 49% project interest following the earn-in.
Sources
- Primary source: 80 Mile PLC — USFM Update, July 14, 2026
- Regulatory filing: Twin Vee Form 8-K and merger agreement — U.S. SEC
- Transaction announcement: Twin Vee PowerCats — Strategic merger with USFM
- Project background: 80 Mile — Disko-Nuussuaq
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