Greenland Energy (NASDAQ: GLND), an oil exploration company focused on East Greenland’s Jameson Land Basin, announced it 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. 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 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. 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. Greenland Energy has agreed to make available a £3 million unsecured convertible loan to support 80 Mile’s interim funding needs.
To view the full press release, visit: https://ibn.fm/rX8wD
About Greenland Energy Company
Greenland Energy Company is an exploration stage oil and gas company focused on responsibly exploring and seeking to develop Greenland’s hydrocarbon resources, with an emphasis on the Jameson Land Basin in East Greenland. The Company’s primary mission is to unlock the frontier hydrocarbon potential of the Jameson Land Basin, an approximately 2 million acre onshore licensed area, through the application of modern exploration technologies. The Company is advancing preparations for future exploration activity in the region.
NOTE TO INVESTORS: The latest news and updates relating to GLND are available in the company’s newsroom at https://ibn.fm/GLND
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