80 Mile to raise £1.9m through placing
80 Mile has announced a placing to raise about £1.9-million, before expenses, by way of the issue of 283.58-million new ordinary shares in the capital of the company to certain existing shareholders, international and domestic institutions and sophisticated investors at a price of £0.067 per ordinary share.
The net proceeds of the placing will be used for general and administrative expenses; the Ferrandina plant, in Italy, and activities associated with the restart of the plant; the Finland projects in preparation for their sale; and the Dundas ilmenite project, in Greenland, and upcoming sampling programme.
80 Mile executive director Roderick McIllree says this placing strengthens the company’s financial position as it enters one of the most active periods in the company’s history.
Meanwhile, he notes that preparations for the fully funded two-well drilling campaign at the company’s Jameson project, in Greenland, are well advanced.
McIllree says 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 its partners.
At the same time, he says the Disko-Nuussuaq drilling campaign, also in Greenland, is already under way, with two rigs systematically testing high-priority nickel/copper/platinum group element targets under the fully funded joint venture (JV).
McIllree says these two programmes, together with progress at the Ferrandina biofuels plant in Italy, underline the momentum the company has built across the portfolio with $100-million of committed and funded expenditure and two US-listed JV 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,” he says.
COMPANY UPDATE
80 Mile notes that it held high-level talks in Nuuk, Greenland, last week with regulatory and oversight bodies and is pleased with the status of permitting and support shown for the Jameson project.
The company says the approval process and logistical preparations for the fully funded, two-well, drilling campaign at Jameson continue at pace, with the Stampede drilling drill rig recently rebuilt and commissioned prior to being containerised and loaded onto the equipment ship destined for Greenland in several months.
The company and its JV partner Greenland Energy Company are testing one of the world’s largest remaining undrilled hydrocarbon basins in the second half of this year.
Management also visited the Disko drill site on the same trip and inspected each of the proposed drill locations.
The company says good progress is being made, supported by the exploration camp, which provides an impressive operational base.
At Disko-Nuussuaq, the fully funded $30-million JV programme – including $10-million allocated for spring/summer 2026 – will continue for three years with initial planning to test nine drill holes.
80 Mile says management is highly encouraged by the current state of operations and the progress achieved to date.
The programme is targeting a replication of the Norilsk analogy, which is a globally recognised nickel/copper deposit. 80 Mile says it retains operational leadership of this project.