13 January 2025
80 Mile PLC /
Ticker: 80M / Market: AIM / Sector: Mining
White
Flame Energy Acquisition - Issue of Equity & Establishment of
New Long-Term Incentive Plan
80 Mile plc ('80 Mile' or the 'Company'), the AIM and FSE listed
exploration and development company with projects in Greenland and
Finland, is pleased to announce that in line with the White Flame
Energy Limited ("WFE") Acquistion Option Exercise and Completion
Announcement dated 19 November 2024, the Company has today issued
838,710,808 new ordinary shares in the Company (the "Completion
Shares") pursuant to the acquisition of 95.36% of WFE.
In addition, the Company has issued
warrants over 10,000,000 new ordinary shares of the Company,
exercisable at £0.003 per share for a period of four years from the
date of issue ("Warrants"). The Warrants have been issued to SP
Angel Corporate Finance LLP, the Nominated Adviser and Joint Broker
to the Company.
Staff Long Term Incentive Scheme ("LTIP")
The Board recognises the importance
of equity incentive schemes as a means to incentivise the Company's
Board members, wider senior management team, employees and
consultants ("Participants"), ensuring alignment with the
objectives of the Company and its shareholders. The LTIP has been
established to encourage long-term value creation for the Company's
stakeholders and to align the interests of the Participants with
shareholders. Awards made under the LTIP are in the form of nominal
cost share options subject to the achievement of certain
performance criteria ("LTIP Awards").
|
Name
|
Position
|
Exercise
Price
|
Number of LTIP Awards
granted
|
|
|
|
|
|
|
Eric Sondergaard
|
Managing Director
|
£0.00350
|
50,000,000
|
|
|
|
Roderick McIllree
|
Executive Director
|
£0.00350
|
50,000,000
|
|
|
Following the award of the share
options, in aggregate there will be 236,900,000 ordinary shares of
0.01 pence of the Company under option to directors and employees
of the Company, representing 6.04% of the enlarged share capital of
the Company.
In addition the Company has issued
the following shares to non executive director and consultants (the
"LTIP Shares").
|
Name
|
Position
|
Number of
shares
|
|
Troy Whittaker
|
Non-Executive Director
|
7,500,000
|
|
|
Consultants
|
7,500,000
|
Director Shareholdings
At admission of the Completion
Shares and LTIP Shares, the shareholdings in the Company held by
the Directors will be as follows:
|
Director
|
Number of shares post
admission
|
Percentage of enlarged share
capital
|
|
Eric Sondergaard
|
50,018,782
|
1.43%
|
|
Rod McIllree
|
456,462,516
|
13.04%
|
|
Mike Hutchinson
|
27,183,826
|
0.78%
|
|
Troy Whittaker
|
19,537,036
|
0.56%
|
Admission and Total Voting Rights
Application will be made to the
London Stock Exchange for admission of a total of
838,710,808 Completion
Shares and 15,000,000 LTIP Shares to trading on AIM ("Admission").
It is expected that Admission will become effective and dealings in
the Completion Shares will commence on AIM at 8.00 a.m. on or
around 17 January 2025 ("Admission").
The Consideration Shares will be
issued fully paid and will rank pari passu in all respects with the
Company's existing ordinary shares of 0.01 pence each ("Ordinary
Shares").
Following Admission, the total
number of Ordinary Shares in the capital of the Company in issue
will be 3,500,366,252 with voting rights. This figure may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the Company's share capital pursuant to the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Market Abuse Regulation (MAR) Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.
For further information please
visit http://www.80mile.com or
contact:
|
Eric Sondergaard
|
80 Mile plc
|
enquiry@80mile.com
|
|
Ewan Leggat / Adam Cowl
|
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
|
+44 (0) 20 3470 0470
|
|
Megan Ray / Said Izagaren
|
BlytheRay
(Media Contact)
|
+44 (0) 20 7138 3205
|
About 80 Mile Plc:
80 Mile Plc, listed on the
London AIM market, Frankfurt Stock Exchange, and
the U.S. Pink Market, is an exploration and development
company focused on high-grade critical metals in Tier 1
jurisdictions. With a diversified portfolio
in Greenland and Finland, 80 Mile's strategy is
centred on advancing key projects while creating value through
partnerships and strategic acquisitions.
The Disko-Nuussuaq
nickel-copper-cobalt-PGE project in Greenland is a
primary focus for 80 Mile, developed in partnership with KoBold
Metals. 80 Mile, through its wholly owned subsidiary Disko
Exploration Ltd., has a definitive Joint Venture Agreement with
KoBold Metals to guide and fund exploration efforts. The JV has
completed intensive analysis and interpretation of the extensive
geochemical, geophysical, and geological data collected during the
previous exploration campaigns. Leveraging KoBold's proprietary
artificial intelligence and machine learning platforms, this
comprehensive analysis has resulted in the identification of seven
initial priority targets within the project area. These seven
priority targets exhibit spatial characteristics indicative of
potential deposits on a scale comparable to renowned mining
operations such as Norilsk, Voisey's Bay, and Jinchuan. The JV is
now planning a focused ground-loop electromagnetic survey to refine
and prioritize each locality appropriately.
In Finland, 80 Mile currently
holds three large scale multi-metal projects through its wholly
owned subsidiary FinnAust Mining Finland Oy. 80
Mile's Finland portfolio includes the Outokumpu project,
where occurences of industrial gases like helium and hydrogen adds
significant economic potential to the already prospective
copper-nickel-cobalt-zinc-gold-silver targets. 80 Mile is
conducting further exploration to fully assess these
resources.
80 Mile's recent acquisition of
White Flame Energy expands its portfolio into the energy sector,
adding large-scale licenses for industrial gas, natural gas, and
liquids in East Greenland. Approved by shareholders
in July 2024, this acquisition diversifies the Company's
assets and aligns with its strategy to contribute to sustainable
energy solutions, while also exploring conventional energy
resources.
The Dundas Ilmenite Project, 80
Mile's most advanced asset in northwest Greenland, is fully
permitted and progressing towards near-term production. With a
JORC-compliant Mineral Resource of 117 Mt at 6.1%
ilmenite and an offshore Exploration Target of up to 530 Mt,
Dundas is poised to become a major supplier of high-quality
ilmenite. Recent discoveries of hard rock titanium mineralization,
with bedrock samples showing nearly double the ilmenite content of
previous estimates, further enhance the project's world-class
potential. 80 Mile owns 100% of the Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S
in Greenland.
The Thule Copper Project is a
significant component of 80 Mile's portfolio in
northwest Greenland, focused on exploring and developing
high-grade copper deposits within the Thule Basin in
northwest Greenland. Leveraging existing infrastructure and
exploration credits, the project is strategically positioned in an
underexplored region with substantial mineral potential. 80 Mile's
established basecamp at Moriusaq will support cost-effective
exploration, aligning with the Company's broader strategy to secure
high-quality copper and industrial gas projects.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Eric Sondergaard
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Managing Director
|
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name:
|
80 Mile Plc
|
|
b)
|
LEI:
|
213800E9AEFEHFLOVJ19
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of £0.01
each
GB00BFD3VF20
|
|
b)
|
Nature of the
transaction:
|
1) Issue of new
ordinary shares pursuant to acquisition
2) Grant of
options
|
|
c)
|
Price(s) and volume(s):
|
|
|
Price(s)
|
Volume(s)
|
|
1.
|
£0.003127
|
26,592,857
|
|
2.
|
£0.00350
|
50,000,000
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transactions as in 4 c)
above
|
|
Price(s)
|
Volume(s)
|
|
1.
|
£0.003127
|
26,592,857
|
|
2.
|
£0.00350
|
50,000,000
|
|
|
e)
|
Date of the transaction:
|
2025-01-13
16:00 hrs UTC
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Roderick McIllree
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Executive Director
|
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name:
|
80 Mile Plc
|
|
b)
|
LEI:
|
213800E9AEFEHFLOVJ19
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of £0.01
each
GB00BFD3VF20
|
|
b)
|
Nature of the
transaction:
|
1) Issue of new
ordinary shares pursuant to acquisition
2) Grant of
options
|
|
c)
|
Price(s) and volume(s):
|
|
|
Price(s)
|
Volume(s)
|
|
1.
|
£0.003127
|
322,796,581
|
|
2.
|
£0.00350
|
50,000,000
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transactions as in 4 c)
above
|
|
Price(s)
|
Volume(s)
|
|
1.
|
£0.003127
|
322,796,581
|
|
2.
|
£0.00350
|
50,000,000
|
|
|
e)
|
Date of the transaction:
|
2025-01-13
16:00 hrs UTC
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Michael Hutchinson
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Non Executive Chairman
|
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name:
|
80 Mile Plc
|
|
b)
|
LEI:
|
213800E9AEFEHFLOVJ19
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of £0.01
each
GB00BFD3VF20
|
|
b)
|
Nature of the
transaction:
|
Issue of new ordinary shares
pursuant to acquisition
|
|
c)
|
Price(s) and volume(s):
|
|
|
Price(s)
|
Volume(s)
|
|
1.
|
£0.003127
|
13,398,112
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transactions as in 4 c)
above
|
|
Price(s)
|
Volume(s)
|
|
1.
|
£0.003127
|
13,398,112
|
|
|
e)
|
Date of the transaction:
|
2025-01-13
16:00 hrs UTC
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Troy Whittaker
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Non Executive Director
|
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name:
|
80 Mile Plc
|
|
b)
|
LEI:
|
213800E9AEFEHFLOVJ19
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of £0.01
each
GB00BFD3VF20
|
|
b)
|
Nature of the
transaction:
|
Issue of new ordinary
shares
|
|
c)
|
Price(s) and volume(s):
|
|
|
Price(s)
|
Volume(s)
|
|
1.
|
N/A
|
7,500,000
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transactions as in 4 c)
above
|
|
Price(s)
|
Volume(s)
|
|
1.
|
N/A
|
7,500,000
|
|
|
e)
|
Date of the transaction:
|
2025-01-13
16:00 hrs UTC
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|
