Court Rules in Favour of Greenswitch in Civil Case
6 May 2025
80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining
Italian Court Rules in Favour of Greenswitch in Civil Case
80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US OTC traded (BLLYF.OTC), exploration and development company with mineral and energy projects in Greenland and a biofuels plant in Italy, is pleased to provide an update on a civil damages and ownership dispute involving Greenswitch Srl ('Greenswitch'), a subsidiary of Hydrogen Valley Ltd ('Hydrogen Valley' or 'HV'), and Digitile Com Srls ("Digitle").
As first announced on 19 December 2024, 80 Mile has the option to acquire up to a 100% interest in Hydrogen Valley. As announced on 16 January 2025, the Company has moved to Stage two of the acquisition, resulting in the acquisition of a 24% interest in Hydrogen Valley. The Company had the resolution of this litigation as a condition precedent before it would move to a larger percentage ownership as per its previously announced options in HV. The Company expects to shortly announce an extension to the options it has in place for HV.
The Company is pleased to advise that the Court of Bari, located in southern Italy's Puglia region, has ruled on and subsequently dismissed claims made by Digitile against Greenswitch, regarding a private agreement dated 2015. The Court rejected Digitile's claims for more than €12 million in damages and ownership of the plant, after finding insufficient evidence to prove the 2015 agreement's authenticity or its formation on the stated date. This closes the outstanding litigation for Greenswitch and as such the Company now expects to continue with its staged acquisition.
80 Mile looks forward to updating shareholders on developments shortly.
Overview
The dispute centres on a private agreement dated 20 July 2015, concerning the transfer of rights and obligations related to the HV facility in Ferrandina.
Digitile claimed that Greenswitch failed to fulfil its contractual obligations under the 2015 agreement, which included implementing an industrial and research project, granting exclusive commercialisation rights to Digitile, and reimbursing €78,800. Digitile sought contract resolution, a €10,000,000 penalty, €78,800 reimbursement, and €2,000,000 for lost commercial opportunities.
Greenswitch contested the existence and authenticity of the 2015 agreement, arguing it was never negotiated or signed on the stated date and was likely fabricated later by Digitile's representatives, Pepe and Petrone, when Petrone lacked authority to represent Greenswitch. Greenswitch also alleged the contract's object was illicit and indeterminate and denied any breach.
The Court rejected Digitile's claims, finding insufficient evidence to prove the 2015 agreement's authenticity or its formation on the stated date. Key evidence included the absence of the agreement in any financial records, contradictory statements in from Digitile's in prior legal proceedings, and witness testimonies denying knowledge of any such agreement.
The Court dismissed Digitile's claims, denied Greenswitch's request for damages due to frivolous litigation (lacking proof of bad faith), and ordered Digitile to pay Greenswitch's legal costs, amounting to €33,685 plus additional fees and taxes, as per the applicable legal fee regulations.
Market Abuse Regulation (MAR) Disclosure
The information set out above is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').
For further information please visit http://www.80mile.com or contact:
|
Eric Sondergaard |
80 Mile plc |
enquiry@80mile.com |
|
Ewan Leggat / Adam Cowl |
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
|
Harry Ansell / Katy Mitchell / Andrew de Andrade |
Zeus Capital Limited (Joint Broker) |
+44 (0) 20 3829 5000 |
|
Megan Ray / Said Izagaren |
BlytheRay |
+44 (0) 20 7138 3204 |
About 80 Mile Plc:
80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and the U.S. OTC Market under the ticker BLLYF, is an exploration and development company focused on high-grade critical metals in Tier 1 jurisdictions. With a diversified portfolio in Greenland and Finland, 80 Mile's strategy is centred on advancing key projects while creating value through partnerships and strategic acquisitions.
80 Mile's recent acquisition of White Flame Energy expands its portfolio into the energy and gas sector, adding large-scale licenses for industrial gas, natural gas, and liquids in East Greenland. Approved by shareholders in July 2024, this acquisition diversifies the Company's assets and aligns with its strategy to contribute to sustainable energy solutions, while also exploring conventional energy resources.
The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary focus for 80 Mile, developed in partnership with KoBold Metals. 80 Mile, through its wholly owned subsidiary Disko Exploration Ltd., has a definitive Joint Venture Agreement with KoBold Metals to guide and fund exploration efforts. These seven priority targets exhibit spatial characteristics indicative of potential deposits on a scale comparable to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan.
In Finland, 80 Mile currently holds rights to industrial gases like helium and hydrogen at Outokumpu and Hammaslathi, and is conducting further exploration to fully assess these resources.
The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland, is fully permitted and progressing towards near-term production. With a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt, Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralization, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland.
The Thule Copper Project is a significant component of 80 Mile's portfolio in northwest Greenland, focused on exploring and developing high-grade copper deposits within the Thule Basin in northwest Greenland. Leveraging existing infrastructure and exploration credits, the project is strategically positioned in an underexplored region with substantial mineral potential. 80 Mile's established basecamp at Moriusaq will support cost-effective exploration, aligning with the Company's broader strategy to secure high-quality copper and industrial gas projects.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 3 hours ago ASOS
- 4 hours ago MJ Gleeson
- 4 hours ago Rolls-Royce Holdings
- 4 hours ago Crest Nicholson Holdings
- 5 hours ago Naked Wines