80 Mile PLC raises $2.5 million via share placing to fund Greenland drilling campaigns and European energy projects
AI-made80 Mile PLC, listed on AIM, FSE, and OTC markets, just announced a placing of 283,581,890 new ordinary shares at 0.67 pence ($0.0089) each — raising roughly £1.9 million ($2.53 million) before expenses. The announcement came around 25 July 2026, and admission to AIM is expected on or around 30 July 2026. The money is going toward an active project portfolio across Greenland, Italy, and Finland.
Placing details and share structure
The placing price of 0.67 pence ($0.0089) is a 10% discount to the 24 July 2026 closing price of 0.75 pence ($0.010). That’s fairly standard when a company wants to move quickly and pull in institutional money — though existing shareholders should note there’s some near-term dilution baked in.
The new shares represent about 5% of the enlarged share capital. After admission, total ordinary shares in issue climb to 5,588,657,935, all fully paid and ranking equally with existing shares in every respect. The company issued them under existing shareholder authorities, so no additional vote was required to close the deal.
The Stampede Drilling rig has been rebuilt and commissioned and is now being containerised for shipment ahead of a campaign scheduled for the second half of 2026.
Admission to AIM is set for 8:00 a.m. on or around 30 July 2026.
Intended use of proceeds
Net proceeds are split across four areas. A portion covers general and administrative expenses — typical for a raise this size — while the rest goes directly to project activities.
In Italy, the funds support restart work at the Ferrandina biofuels plant, run through the company’s Greenswitch subsidiary. That’s 80 Mile’s renewable energy play, and a separate shareholder update is expected on that front. Finland also gets a slice, though not for ongoing operations — those funds are about getting the assets ready for sale, making Finland look more like a near-term exit than a continuing commitment.
Then there’s Greenland, where a portion goes toward the Dundas project and an upcoming sampling programme.
Greenland drilling campaigns advance
The headline operational story is a two-well drilling campaign at Jameson Land. 80 Mile and joint venture partner Greenland Energy Company are targeting what the company calls one of the largest remaining undrilled conventional hydrocarbon basins in the Western world – a bold claim and the reason Greenland dominates the conversation right now.
Preparations are in solid shape. High-level permitting discussions were held in Nuuk with regulatory bodies, and the company reports positive movement on approvals. The Stampede Drilling rig has been rebuilt and commissioned and is now being containerised for shipment ahead of a campaign scheduled for the second half of 2026.
A separate programme is already running at Disko-Nuussuaq. Two rigs are actively testing nickel-copper-PGE targets under a fully funded joint venture carrying a three-year budget of US$30 million, with US$10 million allocated to the spring and summer 2026 phase alone. Management describes the target as a “Norilsk analogy” — a reference to one of the world’s most significant nickel-copper deposits. 80 Mile leads operations there, and the team visited the drill site during the same Nuuk trip, returning encouraged.
Company financial position and portfolio context
Executive Director Roderick McIllree kept his framing direct. He described the placing as strengthening the company’s financial position “as we enter one of the most active periods in the company’s history” — positioning the raise as preparation for execution rather than a scramble for survival.
The company reports US$100 million in committed and funded expenditure across its portfolio, backed by two US-listed joint venture partners. For an AIM-listed junior explorer, that level of external commitment carries real weight. Listings on AIM, the Frankfurt Stock Exchange, and OTC markets give 80 Mile a broader investor base than many peers, and its portfolio spans hydrocarbons, critical minerals, and biofuels across three countries.
Greenland is where the action is concentrated
80 Mile PLC raised roughly £1.9 million ($2.53 million) by issuing 283,581,890 new shares at 0.67 pence ($0.0089) — a 10% discount to the prior close. Those shares are expected to begin trading on AIM around 30 July 2026, pushing total shares in issue to just over 5.5 billion.
Proceeds are divided between Greenland, Italy, and Finland project needs alongside general corporate costs. Greenland is where the action is concentrated: the Jameson Land two-well hydrocarbon campaign is in late-stage preparation for H2 2026, while Disko-Nuussuaq is already drilling with two rigs under a US$30 million JV budget. Finland is being readied for sale. The Ferrandina biofuels plant in Italy is targeted for restart, with a dedicated update still to come. Underpinning all of it is US$100 million in committed portfolio expenditure, with two US-listed partners on the key programmes.
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