80 Mile PLC (AIM: 88M) 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.
The 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.
The 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.
The 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.
Preparations 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.
Drilling 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.
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.
“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.
“We remain focused on disciplined execution and look forward to updating shareholders as these key programmes advance.”
