Greenland Energy Company (Nasdaq: GLND) and 80 Mile plc (AIM: 80M) have agreed to an all-share acquisition valuing 80 Mile at approximately £74 million, according to their November 12 announcement.
80 Mile shareholders would receive 0.0079485 GLND shares for each share held. The implied value of 1.28 pence per share, calculated using GLND’s November 11 closing price and the stated exchange rate, represents a 28% premium to 80 Mile’s closing price that day. Each company’s shareholders would own approximately half the combined company.
The companies say completion would consolidate 100% ownership of the Jameson Land Basin licenses within one Nasdaq-listed group, alongside 80 Mile’s wider portfolio, including its Disko-Nuussuaq and Dundas projects in Greenland.
GLND has also agreed to provide a £3 million unsecured convertible loan to support 80 Mile pending completion.
Completion is expected in the first half of 2027, subject to shareholder approvals, court sanction, Nasdaq approval for the new shares and regulatory conditions, including Greenlandic government approval of the indirect transfer of the licenses.
GreenlandEnergy.com provides independent analysis of Greenland’s energy landscape, critical minerals development, and Arctic geopolitics. For corrections or feedback: press@greenlandenergy.com
