Stage 2 of Hydrogen Valley Acquistion
80 Mile completes Stage 2 of Hydrogen Valley acquisition, increasing stake to 24% for £800,000 cash and 423.96m shares.
- Cash consideration paid £800,000
- Shares issued 423,957,023
- Percentage of issued share capital 14.5%
- Stake in Hydrogen Valley 24%
- Total issued share capital post-admission 3,924,323,275 shares
Select text to share a quote on X · sign in to keep highlights & notes in your 80M notes
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 following the announcement dated 19 December 2024 regarding the acquisition of up to a 49% interest in Hydrogen Valley Ltd ('HV '), it has completed Stage 2, moving to a 24% interest in HV.
As a result of the passing of all resolutions at the Company's General Meeting held on 13 January 2025, 80 Mile has now paid HV the cash consideration of £800,000, and issued 423,957,023 New Ordinary Shares in 80 Mile (equal to 14.5% of the Issued Ordinary Share Capital of the Company), thereby completing Stage 2.
Admission and Total Voting Rights
Application has been made for the Ordinary Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission of the Ordinary Shares will become effective and that dealings will commence at 8.00 a.m. on or around 17 January 2025.
Following admission of the Ordinary Shares, the Company's issued share capital will comprise 3,924,323,275 Ordinary Shares of 0.001p each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.