80 Mile and Greenland Energy outline a possible all-share merger

80 Mile ($80M) and Greenland Energy ($GLND) agreed indicative terms for an all-share acquisition of 80 Mile. The proposed exchange would offer 0.01108 new Greenland Energy shares for each 80 Mile share. Using the reference share price and exchange rate in the announcement, that implies approximately 1.1 pence per share and a £61.48 million valuation for 80 Mile’s existing equity.

The companies already work together on Greenland’s Jameson Land Basin. A merger would consolidate ownership of those licenses and bring 80 Mile’s wider portfolio into a Nasdaq-listed group. However, this is a preliminary proposal, not a firm takeover offer. Due diligence, definitive terms and board approvals remain outstanding, and there is no certainty an offer will be made. The implied value will move with Greenland Energy’s share price and exchange rates.

Sources:

• 80 Mile — Rule 2.4 proposed-merger announcement