LONDON - 80 Mile PLC, an exploration and development company listed on AIM, FSE, and traded on the OTCQB, announced that Director Roderick McIllree has increased his stake in the company through the purchase of 7,500,000 ordinary shares. The transaction occurred on Friday at a price of 0.002762 pence per share, as reported by the company on December 20, 2024.
Following the acquisition, McIllree's total beneficial ownership in 80 Mile amounts to 133,665,935 ordinary shares, representing approximately 6.4% of the company's issued share capital which stands at 2,089,397,216 ordinary shares.
The purchase by McIllree, who serves as a director of the company, is considered a significant show of confidence in 80 Mile's ongoing projects and future prospects. The company is actively involved in mining activities in Greenland and Finland, focusing on the exploration and development of critical metals.
80 Mile's portfolio includes the Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland, where it has partnered with KoBold Metals. The joint venture has identified seven initial priority targets for exploration, which are now set to undergo a ground-loop electromagnetic survey to refine and prioritize each site.
In Finland, 80 Mile operates through its wholly owned subsidiary FinnAust Mining Finland Oy, holding three large-scale multi-metal projects. The Outokumpu project in Finland has recently gained attention due to the discovery of industrial gases such as helium and hydrogen, which add to the economic potential of the site's mineral targets.
The company's recent acquisition of White Flame Energy has also broadened its scope into the energy sector, with licenses for industrial gas, natural gas, and liquid hydrocarbons in East Greenland.
80 Mile's advanced asset, the Dundas Ilmenite Project in northwest Greenland, is on track for near-term production, boasting a JORC-compliant Mineral Resource and an offshore Exploration Target (NYSE:TGT) that positions it as a potential major supplier of high-quality ilmenite.
The information regarding the director's share purchase is based on a press release statement from 80 Mile PLC.
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