Shares in the Greenland-focused explorer more than doubled from recent lows after it unveiled an all-share tie-up with Nasdaq-listed Greenland Energy.
Shares in 80 Mile (AIM: 80M) jumped 50.1% to 1.0475p after the Greenland-focused explorer confirmed it is in talks over an all-share merger with fellow Greenland hydrocarbons player Greenland Energy, in a deal that would value the AIM company at around £61.5m.
Under the indicative terms, 80 Mile shareholders would receive 0.01108 Greenland Energy shares for every share they hold, implying a value of roughly 1.1p per 80 Mile share based on Greenland Energy's Nasdaq price of $1.37. However, Greenland Energy's stock has since slipped to $1.20, pulling the implied value of the offer down to just below 1p, still comfortably above where 80 Mile shares had been trading before the announcement.
80 Mile is currently a joint venture partner in Greenland Energy's east Greenland hydrocarbon interests, giving the two companies an existing operational link that makes a combination logically straightforward. Greenland Energy itself only listed on Nasdaq in April 2026 and holds potential hydrocarbon acreage in the region, an area attracting growing attention from junior explorers as majors reassess Arctic exposure.
The proposed deal would consolidate 80 Mile's Greenland exposure into a single, better-capitalised Nasdaq-listed vehicle, potentially giving shareholders access to deeper US capital markets while retaining their stake in the underlying east Greenland assets through an equity swap rather than a cash exit.
Investors should watch for confirmation of formal terms, given the offer's value is directly tied to Greenland Energy's own share price, which has already moved against 80 Mile holders since the indicative terms were first floated. Any further weakness in Greenland Energy shares would reduce the implied premium, while a firm merger agreement and timetable are the next milestones to confirm the deal's completion.
This report is based on 80 Mile’s announcement and coverage by UK Investor Magazine. Company announcements can be tracked via London Stock Exchange RNS and Investegate, and the full results calendar is worth watching for the next update.
This article is for general information only and does not constitute investment advice or a recommendation to buy or sell any security. Photo: Hector John Periquin on Unsplash.
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