{"id":138854,"title":"80 Mile Raises £1.9 Million as Greenland Drilling Programmes Advance","publisher":"Share Talk","author":"sharetalk","published":"2026-07-27T07:09:38+00:00","modified":"2026-07-27T07:09:38+00:00","canonical_url":"https://www.share-talk.com/80-mile-raises-1-9-million-as-greenland-drilling-programmes-advance/","markdown_url":"https://www.share-talk.com/80-mile-raises-1-9-million-as-greenland-drilling-programmes-advance.md","json_url":"https://www.share-talk.com/80-mile-raises-1-9-million-as-greenland-drilling-programmes-advance.json","category":"Mining","categories":["Mining"],"tags":["80M","biofuels","Bluejay","Eric Sondergaard","Ferrandina Biofuels Plant","Finland","Greenland","Greenland Exploration Limited","Helium","Hydrogen Valley Ltd","Italy","Jameson Land Basin","KoBold Metals","March GL Company","North Sea","Pelican","Pelican Acquisition Corporation","Roderick McIllree","U.S. Pink Market"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/07/80M_with_title_4-1.png?fit=1200%2C675&quality=80&ssl=1","format":"news","language":"en-GB","content":"**80 Mile PLC** [(AIM: 88M)](https://www.investegate.co.uk/announcement/rns/80-mile--80m/placing-to-raise-1-9-million-company-update-/9687772) has raised approximately **£1.9 million before expenses** through a placing of **283.6 million new shares** at **0.67p each**, representing a **10% discount** to the previous closing price.\n\nThe net proceeds will support general and administrative costs, work at the **Ferrandina biofuels plant in Italy**, preparations for the sale of the company’s Finnish projects and the sampling programme at the **Dundas project**.\n\nThe new shares are expected to be admitted to trading on AIM on or around **30 July 2026**, after which 80 Mile will have **5.59 billion ordinary shares** in issue.\n\nThe company also reported progress across its Greenland drilling campaigns, where it said approximately **US$100 million of expenditure has been committed and funded** through its joint ventures.\n\nPreparations are well advanced for a fully funded two-well drilling campaign at **Jameson**, targeting what 80 Mile described as one of the largest remaining undrilled conventional hydrocarbon basins in the Western world.\n\nDrilling is also underway at **Disko-Nuussuaq**, with two rigs testing high-priority nickel, copper and platinum-group-element targets under a fully funded joint venture.\n\n**Executive director Roderick McIllree said: **“This Placing strengthens our financial position as we enter one of the most active periods in the Company’s history. Preparations for the fully funded two-well drilling campaign at Jameson are well advanced. This programme will test one of the largest remaining undrilled conventional hydrocarbon basins in the Western world and represents a major milestone for 80 Mile and our partners.\n\n“At the same time, the Disko-Nuussuaq drilling campaign is already underway, with two rigs systematically testing high-priority nickel-copper-PGE targets under the fully funded joint venture. These two programmes, together with progress at the Ferrandina biofuels plant in Italy, underline the momentum we have built across the portfolio with US$100,000,000 of committed and funded expenditure and two US listed joint venture partners. We are now in a very strong position.\n\n“We remain focused on disciplined execution and look forward to updating shareholders as these key programmes advance.”"}