Greenland Energy (NASDAQ: GLND), an oil exploration company focused on East Greenland's Jameson Land Basin, has agreed to terms for a recommended all-share acquisition of 80 Mile plc (AIM: 80M), valuing the transaction at approximately £74 million on a fully diluted basis. The proposed combination would consolidate 100% ownership of the companies' existing joint venture licenses in Greenland's Jameson Land Basin under a single Nasdaq-listed entity while integrating 80 Mile's broader asset portfolio.
Under the proposed agreement, 80 Mile shareholders would receive 0.0079485 newly issued Greenland Energy shares for each 80 Mile share held, representing a premium of approximately 71% to the Sept. 7, 2026, closing price. Upon completion, shareholders of each company would own approximately 50% of the combined entity. The transaction has received unanimous approval from the Greenland Energy board and remains subject to shareholder, court and regulatory approvals.
The deal matters because it would create a single, Nasdaq-listed vehicle with full control of the Jameson Land Basin licenses, an approximately 2 million acre onshore licensed area in East Greenland. Greenland Energy reported $37.4 million in cash and cash equivalents as of June 30, 2026, positioning the combined company to pursue energy and critical minerals development opportunities. The transaction is also expected to reduce overlapping corporate functions, streamline operations and improve access to capital.
To support 80 Mile's interim funding needs, Greenland Energy has agreed to make available a £3 million unsecured convertible loan. For readers tracking the companies, the full press release is available at https://ibn.fm/9rTnz, and the latest news and updates relating to GLND are available in the company's newsroom at https://ibn.fm/GLND.
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The proposed acquisition, if completed, would reshape the ownership structure of a frontier hydrocarbon exploration area and could affect investors in both companies as well as the broader energy and critical minerals sector in Greenland. For more information about MissionIR, visit www.MissionIR.com. Full terms of use and disclaimers applicable to all content provided by MissionIR are available at https://www.MissionIR.com/Disclaimer.
