LONDON: Greenland Energy Company has reached an agreement on indicative terms to acquire London-listed 80 Mile plc in an all-share transaction valuing the target company’s existing issued share capital at £61.48 million, the companies announced Monday.

Under the proposed terms, 80 Mile shareholders would receive 0.01108 new Greenland Energy shares of common stock for each existing 80 Mile ordinary share. Based on Greenland Energy’s closing price of $1.37 on Sept. 4, the offer values each 80 Mile share at approximately 1.1 pence, representing a 42.86% premium to the company’s mid-market price on Sept. 3, the business day before indicative terms were agreed.

The merger would consolidate ownership of the Jameson Land Basin project in Greenland, where the two companies are existing joint venture partners. The combined entity would be listed on the Nasdaq, with Greenland Energy bringing stronger financial resources including $37.4 million in cash and cash equivalents as of June 30, the companies said.

“The proposed merger would consolidate 100% ownership of those licences in a single Nasdaq-listed vehicle and also bring together 80 Mile’s remaining portfolio with Greenland Energy’s capital markets access and development capability, creating a diversified energy and critical minerals company,” the companies said in a joint statement.

Greenland Energy, a U.S. Nasdaq-listed exploration company focused on the Jameson Land Basin in East Greenland, raised approximately $70 million in gross proceeds through its April 2026 public offering. The company reported total assets of $67.6 million and total liabilities of $1.4 million as of June 30. Its common stock trades under the ticker GLND.

80 Mile is a London-listed exploration company with projects in Greenland, Finland and Italy. Its portfolio includes the 8,429-square-kilometer Jameson Land Basin Project, the Disko-Nuussuaq copper-nickel-cobalt-platinum project in West Greenland, and the Dundas Ilmenite Project on Greenland’s northwest coast. The company also holds an investment in Italy-based Greenswitch, which provides exposure to industrial gases and biofuels.

The transaction remains subject to several pre-conditions, including completion of satisfactory due diligence, unanimous recommendation by 80 Mile’s independent directors, finalization of a formal offer announcement under the U.K. Takeover Code, and approval by Greenland Energy’s disinterested directors. 80 Mile must also not have undertaken any material transactions since Sept. 7.

80 Mile directors Mike Hutchinson and Ingo Hofmaier are considered independent for the purposes of the Code. Director Roderick McIllree, who holds shares in both companies, has recused himself from board deliberations.

Greenland Energy acquired 246,765,352 80 Mile shares between Aug. 25 and Sept. 3 at prices between 0.53 pence and 0.82 pence per share, with a weighted average price of 0.73 pence. The acquisition represents 4.42% of 80 Mile’s existing issued share capital. As a result, any offer must be on terms no less favorable than the highest price paid in the last three months, or 0.82 pence, under Rule 6.1(a) of the U.K. Takeover Code.

Greenland Energy also indicated it intends to issue warrants to subscribe for shares at $1.50 per share to existing Greenland Energy shareholders following successful completion of an offer, on a basis of up to one warrant for each existing share. Existing 80 Mile shareholders would not be eligible to receive the warrants.

The companies cautioned that there is no guarantee a firm offer will be made. Shareholders were advised to take no action, with further announcements to be made as appropriate.