80 Mile shares surge on proposed Greenland Energy merger

Shares of 80 Mile surged over 50% following the announcement of a proposed all-share merger with Greenland Energy, a Nasdaq-listed company focused on Greenland hydrocarbons.

The deal would value 80 Mile at approximately £61.5m. Under the indicative terms, 80 Mile shareholders would receive 0.01108 Greenland Energy shares for every share they hold. While the initial implied value was roughly 1.1p per share based on a $1.37 Nasdaq price, subsequent fluctuations in Greenland Energy's stock price have adjusted the implied value to just below 1p.

80 Mile and Greenland Energy maintain an existing operational link as joint venture partners in east Greenland hydrocarbon interests. The merger aims to consolidate 80 Mile's exposure into a single, better-capitalized Nasdaq-listed vehicle, potentially providing shareholders with access to US capital markets.