WFE Acquisition - Issue of Equity & New LTIP
80 Mile completed acquisition of 95.36% of White Flame Energy, issuing 838.7m shares and establishing LTIP.
- Completion Shares issued 838,710,808
- Warrants issued 10,000,000 at £0.003 per share
- Rod McIllree shareholding post-admission 13.04% of enlarged share capital
- Total ordinary shares in issue post-admission 3,500,366,252
- Share options under option post-admission 236,900,000 (6.04% of enlarged share capital)
- LTIP Awards to Managing Director 50,000,000 at £0.00350
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80 Mile plc ('80 Mile' or the 'Company'), the AIM and FSE listed exploration and development company with projects in Greenland and Finland, is pleased to announce that in line with the White Flame Energy Limited ("WFE") Acquistion Option Exercise and Completion Announcement dated 19 November 2024, the Company has today issued 838,710,808 new ordinary shares in the Company (the "Completion Shares") pursuant to the acquisition of 95.36% of WFE.
In addition, the Company has issued warrants over 10,000,000 new ordinary shares of the Company, exercisable at £0.003 per share for a period of four years from the date of issue ("Warrants"). The Warrants have been issued to SP Angel Corporate Finance LLP, the Nominated Adviser and Joint Broker to the Company.
Staff Long Term Incentive Scheme ("LTIP")
The Board recognises the importance of equity incentive schemes as a means to incentivise the Company's Board members, wider senior management team, employees and consultants ("Participants"), ensuring alignment with the objectives of the Company and its shareholders. The LTIP has been established to encourage long-term value creation for the Company's stakeholders and to align the interests of the Participants with shareholders. Awards made under the LTIP are in the form of nominal cost share options subject to the achievement of certain performance criteria ("LTIP Awards").
| Name | Position | Exercise Price | Number of LTIP Awards granted |
|---|---|---|---|
| Eric Sondergaard | Managing Director | £0.00350 | 50,000,000 |
| Roderick McIllree | Executive Director | £0.00350 | 50,000,000 |
Following the award of the share options, in aggregate there will be 236,900,000 ordinary shares of 0.01 pence of the Company under option to directors and employees of the Company, representing 6.04% of the enlarged share capital of the Company.
In addition the Company has issued the following shares to non executive director and consultants (the "LTIP Shares").
| Name | Position | Number of shares |
|---|---|---|
| Troy Whittaker | Non-Executive Director | 7,500,000 |
| Consultants | 7,500,000 |
Director Shareholdings
At admission of the Completion Shares and LTIP Shares, the shareholdings in the Company held by the Directors will be as follows:
| Director | Number of shares post admission | Percentage of enlarged share capital |
|---|---|---|
| Eric Sondergaard | 50,018,782 | 1.4 3 % |
| Rod McIllree | 456,462,516 | 1 3.04 % |
| Mike Hutchinson | 27,183,826 | 0.7 8 % |
| Troy Whittaker | 19,537,036 | 0.56% |
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of a total of 838,710,808 Completion Shares and 15,000,000 LTIP Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Completion Shares will commence on AIM at 8.00 a.m. on or around 17 January 2025 ("Admission").
The Consideration Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing ordinary shares of 0.01 pence each ("Ordinary Shares").
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 3,500,366,252 with voting rights. 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.
- Name: Eric Sondergaard
- Reason for the notification
- Position/status: Managing Director
- Initial notification/Amendment: Initial notification
- Name: 80 Mile Plc
- LEI: 213800E9AEFEHFLOVJ19
- Description of the financial instrument, type of instrument: Identification code: Ordinary shares of £0.01 each GB00BFD3VF20
- Nature of the transaction: 1) Issue of new ordinary shares pursuant to acquisition 2) Grant of options
- Price(s) and volume(s): Price(s) Volume(s) 1. £0.003127 26,592,857 2. £0.00350 50,000,000
- Aggregated information: Aggregated volume: Price: Single transactions as in 4 c) above Price(s) Volume(s) 1. £0.003127 26,592,857 2. £0.00350 50,000,000
- Date of the transaction: 2025-01-13 16:00 hrs UTC
- Place of the transaction: Outside a trading venue
- Details of the person discharging managerial responsibilities/person closely associated
- Name: Roderick McIllree
- Reason for the notification
- Position/status: Executive Director
- Initial notification/Amendment: Initial notification
- Name: 80 Mile Plc
- LEI: 213800E9AEFEHFLOVJ19
- Description of the financial instrument, type of instrument: Identification code: Ordinary shares of £0.01 each GB00BFD3VF20
- Nature of the transaction: 1) Issue of new ordinary shares pursuant to acquisition 2) Grant of options
- Price(s) and volume(s): Price(s) Volume(s) 1. £0.003127 322,796,581 2. £0.00350 50,000,000
- Aggregated information: Aggregated volume: Price: Single transactions as in 4 c) above Price(s) Volume(s) 1. £0.003127 322,796,581 2. £0.00350 50,000,000
- Date of the transaction: 2025-01-13 16:00 hrs UTC
- Place of the transaction: Outside a trading venue
- Details of the person discharging managerial responsibilities/person closely associated
- Name: Michael Hutchinson
- Reason for the notification
- Position/status: Non Executive Chairman
- Initial notification/Amendment: Initial notification
- Name: 80 Mile Plc
- LEI: 213800E9AEFEHFLOVJ19
- Description of the financial instrument, type of instrument: Identification code: Ordinary shares of £0.01 each GB00BFD3VF20
- Nature of the transaction: Issue of new ordinary shares pursuant to acquisition
- Price(s) and volume(s): Price(s) Volume(s) 1. £0.003127 13,398,112
- Aggregated information: Aggregated volume: Price: Single transactions as in 4 c) above Price(s) Volume(s) 1. £0.003127 13,398,112
- Date of the transaction: 2025-01-13 16:00 hrs UTC
- Place of the transaction: Outside a trading venue
- Details of the person discharging managerial responsibilities/person closely associated
- Name: Troy Whittaker
- Reason for the notification
- Position/status: Non Executive Director
- Initial notification/Amendment: Initial notification
- Name: 80 Mile Plc
- LEI: 213800E9AEFEHFLOVJ19
- Description of the financial instrument, type of instrument: Identification code: Ordinary shares of £0.01 each GB00BFD3VF20
- Nature of the transaction: Issue of new ordinary shares
- Price(s) and volume(s): Price(s) Volume(s) 1. N/A 7,500,000
- Aggregated information: Aggregated volume: Price: Single transactions as in 4 c) above Price(s) Volume(s) 1. N/A 7,500,000
- Date of the transaction: 2025-01-13 16:00 hrs UTC
- Place of the transaction: Outside a trading venue
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.