Business
Proposed Acquisition and Notice of General Meeting
Proposed Acquisition and Notice of General Meeting.
About this update from 80 Mile Plc
[{"type":"text","content":"\n\n\n\n\n\n\n20 June 2024\nBluejay Mining plc / Ticker: JAY / Market: AIM / Sector: Mining\nProposed Acquisition and Notice of General Meeting\nBluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and Pink-Market traded exploration and development company with projects in Greenland and Finland, is pleased to announce it has reached agreement with the major shareholder of White Flame Energy Ltd (\"White Flame\") to purchase the Company in two tranches. Subject to receiving the required acceptances from the balance of the White Flame Vendors the Company will initially acquire up to 51% of the issued share capital of White Flame and will be granted a 3 year option to acquire the remaining 49% on the same terms.\nHighlights:\n· Conditional acquisition of 51% of the issued share capital of White Flame for £1,402,500, payable in Bluejay shares. Bluejay will be granted a 3 year option to acquire the remaining 49%. The acquisition values the total issued share capital of White Flame at £2,750,000.\n \n· Highly prospective for helium, white hydrogen as well as all industrial gases, natural gas and liquid hydrocarbons.\n \n· Three granted exploration and exploitation licences adjacent to Pulsar Helium's Tunu project covering 8,429 km². \n \n· Jameson Land has been subjected more than 5 decades of study with total expenditure estimated at approximately US$125m by ARCO as well as the Danish & Greenland Governments and White Flame. Work includes ±1800 linear km's of seismic surveys, airborne surveys, permeability & porosity studies, construction of the Constable Point airport as well as advanced production feasibility studies.\n\n· Basin has anomalous helium and white hydrogen occurrences, as well as working liquid-rich hydrocarbon reservoirs with potential resources estimated by management to contain in excess of +2.4 to 8.1 billion barrels of oil equivalent in place (not to a recognised standard).\n \n· The Project is the west mid Atlantic post rifted, onshore, eastern half of the gas and hydrocarbon bearing North Sea basin located in East Greenland. \n\n· The directors believe that the total acquisitio...