80 Mile Loss Widens as Cash Falls During GLND Takeover Offer Period

80 Mile (LON: 80M), the AIM-listed explorer developing energy and critical-minerals projects in Greenland alongside an Italian biofuels refinery, reported a pre-tax loss of £1,464,625 for the six months to 30 June, widened from a restated £452,107 loss a year earlier.

Net cash fell to £285,941 at the half-year, down from £1,070,729 a year earlier, of which only £54,464 was unrestricted. The board flagged a material uncertainty over going concern, saying the group will need to raise further funds within 12 months.

80 Mile shares traded down around 3% today, changing hands at 0.686p versus yesterday’s close of 0.708p. The stock remains well below its 12-month high of roughly 1.6p, hit in March around the time Greenland Energy first listed on Nasdaq.

The deteriorating cash position lands while 80 Mile remains inside a Takeover Code offer period opened last Tuesday, under which Greenland Energy Company (NASDAQ: GLND) has proposed an all-share merger.

With the shares trading near their implied merger terms rather than reacting purely to the results, the offer period is now the more immediate driver for holders than the operational newsflow. The board pointed to a track record of placings, including £2 million in December and £1.9 million on 26 July, as evidence it can keep funding the business.

Non-Executive Chairman Michael Hutchinson said: “The last two years have been the most consequential in 80 Mile’s recent history.” He added that shareholders “should treat incoming results as the measure of the year on this asset – not the option agreement that got us here.”