Greenland Energy Announces Recommended £74 Million Share-Swap Deal with 80 Mile
Key Facts
Greenland Energy and 80 Mile announced on November 12, 2026, that they had agreed the terms of a fully recommended all-share merger aimed at bringing together the assets of the Jameson Land project in a single Nasdaq-listed entity. The companies said the value of 80 Mile’s issued and to-be-issued share capital is approximately £74 million on a fully diluted basis. Under the terms, 80 Mile shareholders will receive new shares in Greenland Energy in exchange for their existing shares. On completion, shareholders of each company are expected to own approximately 50% of the combined entity. The deal remains subject to shareholder, regulatory and court approvals.
The agreement set the exchange ratio at 0.0079485 new Greenland Energy shares for each 80 Mile share. The offer valued each 80 Mile share at 1.28 pence, based on Greenland Energy’s closing share price of $2.14 on November 11 and an exchange rate of $1.33 per pound sterling. That represents a premium of approximately 28% to 80 Mile’s 1.00 pence closing price on November 11. The value also represents a premium of approximately 71% to the closing price of 0.75 pence on September 7, the date before the offer period. The valuation therefore compares the share price before the offer period with its level in the session before the announcement.
The companies said the deal would bring 100% ownership of the Jameson Land basin licences into one Nasdaq-listed company. Under the current arrangement, 80 Mile shareholders had exposure to a carried interest of 30%, linked to Greenland Energy completing its earn-in right in the project. After the merger, 80 Mile shareholders will receive a stake of approximately half of the entity holding the assets. The project arrangement dates back to a September 2025 agreement, under which March GL received the right to earn up to a 70% operating interest by funding the first two exploration wells. Following the merger of Greenland Energy’s businesses in March 2026, March GL became its wholly owned subsidiary.
Greenland Energy reported that it held $37.4 million in cash and cash equivalents on June 30, 2026. The company raised approximately $70 million in a public offering in April 2026. It also agreed to provide 80 Mile with a £3 million unsecured convertible loan for a 12-month term. The loan is part of the arrangements announced alongside the proposed merger. In an announcement on November 3, the company had said it did not intend to issue warrants to its existing shareholders and that the proposed loan would have a 12-month term.
80 Mile said its directors intended to unanimously recommend that shareholders approve the scheme. Directors holding 38,037,811 shares, representing approximately 0.68% of the issued share capital, gave irrevocable undertakings to vote in its favour. Roderick McIllree also gave a similar undertaking in respect of 622,662,514 shares, representing approximately 11.12% of the capital. These undertakings give the deal voting support from specified shareholders, but do not replace approval by the remaining shareholders or other required approvals. The deal’s effectiveness remains conditional on meeting its formal conditions.
The deal still requires a shareholder vote, the satisfaction of material regulatory conditions and court approval. The companies expect to send the scheme document to 80 Mile shareholders on December 10, 2026. The transaction website also indicated that details of the scheme or offer document, shareholder meetings and completion timetable were still to be confirmed. The merger is expected to become effective during the first half of 2027, if the required conditions and approvals are met. Until then, the expected ownership split of approximately 50% for each side remains conditional on completion of the deal.