REG - 80 Mile PLC - Successful £2m Fundraising

80 MileAnnouncement

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RNS Number : 3022K  80 Mile PLC  04 December 2025

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

80 Mile plc

 

("80 Mile", the "Company" or the "Group")

 

Successful £2m Fundraising

 

The Company confirms, further to its announcement of 7.00 a.m. GMT on 4
December 2025 (the "Announcement"), that it has successfully closed the
Placing.

Result of Placing

Subject to the satisfaction of the conditions referred to below, the Placing
Shares and Fee Shares has raised, in aggregate, gross proceeds of £2 million
through the issue of 400,000,000 Ordinary Shares. The company has placed
391,600,000 Ordinary Shares (the "Placing Shares") with various new
institutional investors as well as existing sophisticated investors at a price
of 0.5 pence per share (the "Placing Price") raising £1,958,000. The Company
also intends to issue 8,400,000 Ordinary Shares in satisfaction of fees for
services provided (the "Fee Shares") totalling £42,000.

The allotment and issue of the Placing Shares is conditional, inter alia,
upon:

·       Admission becoming effective by no later than 8.00 a.m. on 12
December 2025 (or such other time and/or date, being no later than 8.00 a.m.
on 31 December 2025, as Zeus and the Company may agree);

·       the conditions in the Placing Agreement in respect of the Placing
Shares being satisfied or (if applicable) waived; and

·           the Placing Agreement not having been terminated in
accordance with its terms prior to Admission.

Accordingly, if any of such conditions are not satisfied or, if applicable,
waived, the Placing will not proceed.

Use of Proceeds

 The funds will be used:

·       to progress the development of the Group's assets held by its
wholly owned subsidiary Hydrogen Valley Limited; and

·           for general corporate and working capital purposes

Eric Sondergaard, Outgoing Managing Director of 80 Mile, commented:

"I'm pleased to say that the reorganisation of 80 Mile is now complete and the
Company is in great shape. With two free carried JVs on our two top tier
projects with US partners and the imminent restart of Ferrandina, I can say
with certainty the future looks bright. It's been a pleasure running 80 Mile
for the last two years, and as a shareholder I look forward with much
anticipation to the next two. The Jameson and Disko undrilled orebodies have
exciting potential and we will be putting holes into both within the next 12
months. On behalf of the board, I wish all stakeholders the best of luck for
2026 and thank them for their support over the last 12 months."

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of the
391,600,000 Placing Shares and 8,400,000 Fee Shares to trading on AIM. It is
expected that Admission will become effective and dealings in the Placing
Shares will commence on AIM at 8.00 a.m. on or around 12 December 2025 (or
such later date as may be agreed between the Company and the Bookrunner, but
no later than 31 December 2025) (the "Admission").

The Placing Shares and Fee Shares will be issued fully paid and will rank pari
passu in all respects with the Company's existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 4,967,127,203 with voting rights and there are no
treasury shares in issue. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company's share capital pursuant to the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.

Capitalised terms used but not otherwise defined in this announcement shall
have the meanings ascribed to such terms in Appendix II of the Announcement,
unless the context requires otherwise.

For further information, please contact:

 80 Mile PLC                                                    enquiry@80mile.com (mailto:enquiry@80mile.com)
 Eric Sondergaard
 PR & IR Adviser - BlytheRay                                    Tel: +44 (0) 20 7138 3204
 Megan Ray/ Said Izagaren
 Nominated Adviser and Broker - SP Angel Corporate Finance LLP  Tel: +44 (0) 20 3470 0470
 Ewan Leggat / Devik Mehta
  Joint Broker - Zeus                                           Tel: +44 (0) 20 3829 5000
 Harry Ansell/Katy Mitchell/Andrew de Andrade
 Joint Broker - Axis Capital Markets Limited                    Tel: +44 (0) 203 026 0320

 Richard Hutchison

 

 

 

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