Greenland Energy Company and 80 Mile have agreed indicative terms for a proposed merger that would consolidate ownership of the Jameson Land licenses in a single Nasdaq company and bring together oil exploration and mineral interests across Greenland.
Under the proposed acquisition, 80 Mile shareholders would receive 0.01108 new Greenland Energy Company shares for each 80 Mile share. The companies put the indicative value of 80 Mile’s existing issued share capital at £61.48 million, or approximately 1.1 pence per share, in their September 8 announcement.
Larry Swets, Greenland Energy Company’s executive chairman, told GreenlandEnergy.com:
“Recent developments have reinforced the logic for bringing these two companies together and the time to pursue it in earnest. We’re excited to have agreed terms that we believe will benefit all of our stakeholders and, in particular, Greenland itself.”
The companies describe the indicative 1.1p price as a 46.67% premium to 80 Mile’s closing share price on September 7. Payment would be in shares, so the sterling value of the proposed consideration would depend on Greenland Energy Company’s share price and the exchange rate.
The proposal remains at the possible offer stage under Rule 2.4 of the UK Takeover Code. No firm intention to make an offer has been announced, and there is no certainty that an offer will follow.
The companies are already partners at Jameson Land in East Greenland, where Greenland Energy Company has rights to earn up to a 70% working interest by funding the first two exploration wells. They say the proposed merger would consolidate 100% ownership of the licenses within Greenland Energy Company.
The combination would also broaden Greenland Energy Company’s business beyond its current Jameson focus. 80 Mile’s portfolio includes the Disko-Nuussuaq copper, nickel, cobalt and platinum group metals project in West Greenland, the Dundas ilmenite project in northwest Greenland, and interests in Finland and Italy.
The companies argue that combining the businesses could improve access to financing and reduce duplicated corporate functions and infrastructure. The announcement cites Greenland Energy Company’s cash and cash equivalents of $37.4 million as of June 30, 2026.
The announcement also reveals that Greenland Energy Company bought 246.77 million 80 Mile shares between August 25 and September 3, establishing a 4.42% stake before the merger proposal was announced.
Both companies still need to complete satisfactory due diligence. A firm offer also depends on the unanimous recommendation of 80 Mile’s independent directors, approval of definitive terms by Greenland Energy’s disinterested directors, and other stated preconditions.
Roderick McIllree, who is a director and shareholder of both companies, recused himself and took no part in either board’s deliberations. Mike Hutchinson and Ingo Hofmaier are acting as 80 Mile’s independent directors for the process.
Greenland Energy Company also outlined an intention to issue existing shareholders up to one new warrant per share, exercisable at $1.50, following successful completion of an offer. The proposed allocation would exclude 80 Mile shareholders, and the record date has yet to be determined.
Greenland Energy Company has until October 6, 2026, to announce a firm intention to make an offer or state that it will not proceed, unless the Takeover Panel consents to an extension.
GreenlandEnergy.com (not affiliated with Greenland Energy Company (Nasdaq: GLND)) provides independent analysis of Greenland’s energy landscape, critical minerals development, and Arctic geopolitics. For corrections or feedback: press@greenlandenergy.com
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