11th Mar 2026 17:06
(Alliance News) - 80 Mile PLC on Wednesday said it intends to buy the remaining shares in industrial exploration company White Flame Energy Ltd that it does not already own.
The London, England based company said the value of the consideration being offered is the same as that offered to WFE shareholders under the 2024 offer, with each WFE shareholder being offered 1.61 new ordinary shares in 80 Mile for every one WFE share held.
In 2024, 80 Mile completed the acquisition of around 95% of WFE, and in March 2025, raised its stake to just under 97%. 80 Mile now intends to buy the remaining 3.4% of WFE it does not already own.
Should all minority shareholders accept the offer, 80 Mile will issue over 10 million consideration shares at an average price of GBP0.0091 per ordinary share.
The deadline for WFE's minority shareholders to respond to 80 Mile is March 27.
"80 Mile's acquisition of White Flame Energy and the Jameson licences in East Greenland has positioned the company in one of the world's most compelling undrilled hydrocarbon basins," it said.
"This acquisition and partnership significantly expand 80 Mile's exposure to the energy sector while advancing its strategy of developing both conventional and sustainable energy opportunities."
Shares in the metal-focused exploration and development company closed up 2.1% on Wednesday in London at 1.07 pence.
By Abena Oppon, Alliance News reporter
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