White Flame Energy Acquisition – Issue of Shares
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11 March 2025
80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining
White Flame Energy Acquisition - Issue of Shares
80 Mile plc ('80 Mile' or the 'Company'), the AIM, FSE listed and Pink-Market traded exploration and development company with projects in Greenland, Finland and Italy, is pleased to provide an update on the acquisition of White Flame Energy Limited ("WFE").
Acquisition of White Flame Energy Limited
Further to the announcement dated 13 January 2025 relating to the acquisition of WFE, the Company has today issued an additional 11,246,910 new ordinary shares in the Company (the "Completion Shares") pursuant to the acquisition of WFE. 80 Mile now holds 96.64% of the issued capital in WFE.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of a total of 11,246,910 Completion Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Completion Shares will commence on AIM at 8.00 a.m. on or around 17 March 2025 ("Admission"). The Consideration Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing ordinary shares of 0.01 pence each ("Ordinary Shares").
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 3,935,570,185 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.
For further information please visit http://www.80mile.com or contact:
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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 |
|
Tim Blythe / 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. Pink Market, 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.
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. The JV has completed intensive analysis and interpretation of the extensive geochemical, geophysical, and geological data collected during the previous exploration campaigns. Leveraging KoBold's proprietary artificial intelligence and machine learning platforms, this comprehensive analysis has resulted in the identification of seven initial priority targets within the project area. 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. The JV is now planning a focused ground-loop electromagnetic survey to refine and prioritise each locality appropriately.
In Finland, 80 Mile currently holds three large scale multi-metal projects through its wholly owned subsidiary FinnAust Mining Finland Oy. 80 Mile's Finland portfolio includes the Outokumpu project, where the discovery of industrial gases like helium and hydrogen adds significant economic potential to the already prospective copper-nickel-cobalt-zinc-gold-silver targets. 80 Mile is conducting further exploration to fully assess these resources.
80 Mile's recent acquisition of White Flame Energy expands its portfolio into the energy sector, adding large-scale licenses for industrial gas, natural gas, and liquid hydrocarbons 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 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.
In addition to its mining ventures, 80 Mile, through its association with Hydrogen Valley Ltd, is advancing the Greenswitch Ferrandina Plant in Basilicata, Italy. This fully integrated chemical facility is undergoing final maintenance to commence production of biofuels and Sustainable Aviation Fuel (SAF). Strategically located near the Port of Taranto and within a Special Economic Zone (SEZ), the plant is poised to contribute significantly to Europe's energy transition by producing up to 50,000 tonnes of biodiesel annually, with future plans for green hydrogen production. The facility's advanced infrastructure and strategic location underscore 80 Mile's commitment to sustainable energy solutions and regional economic development.
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