Highlights

  • 80 Mile plans to raise around GBP 2 million through issue of new ordinary shares.
  • Placing priced at 0.5 pence, reflecting a small discount to prior closing price.
  • Proceeds earmarked for asset development and general corporate requirements.

80 Mile plc (LSE:80M) has announced a proposed placing to raise approximately GBP 2 million before expenses. The fundraising will be completed through the issue of about 400 million new ordinary shares at a price of 0.5 pence per share. The placing price represents a discount of around 2.91% to the closing share price of 0.515 pence recorded on 3 December 2025, the last practicable date prior to the announcement.

The new shares will be issued under the Company’s existing shareholder authorities and, assuming full participation, will account for roughly 8.0% of the enlarged share capital.

Purpose and Use of Funds
The Company has outlined two primary uses for the funds raised. A portion of the proceeds will be directed towards advancing the development of assets held by Hydrogen Valley Limited, a wholly owned subsidiary of the Group. The remaining funds will be applied to general corporate purposes and ongoing working capital requirements.

Structure of the Placing
The placing is being conducted by Zeus Capital, which is acting as agent and broker to the Company. The transaction is structured as an accelerated bookbuild process that commenced immediately following the release of the announcement. The placing is not underwritten.

A placing agreement has been entered into between 80 Mile plc and Zeus Capital, setting out the terms and conditions under which the placing will proceed. The final number of placing shares issued and their allocation among investors will be determined at the discretion of both parties following completion of the bookbuild.

Conditions and Admission Timeline
Completion of the placing is subject to several conditions, including admission of the new shares to trading becoming effective by 8:00 a.m. London time on 12 December 2025, or a later agreed date no later than 31 December 2025. Additional conditions include satisfaction or waiver of requirements set out in the placing agreement and the agreement not being terminated prior to admission.

Next Steps and Further Updates
The Company has indicated that a further announcement will be released in due course to confirm the closing of the bookbuild and the final number of placing shares issued. Trading in the new shares is expected to commence shortly after admission becomes effective.

Share Price Snapshot
80M was trading at GBX 0.52 per share as of 04 December 2025.