Business
Successful £2m Fundraising
80 Mile plc has successfully completed a £2 million fundraising through a placing of 391,600,000 Ordinary Shares at 0.5 pence per share, raising £1,958,000, and will issue an additional 8,400,000 Ordinary Shares valued at £42,000 for fees. These funds are designated for progressing the development of the Group's assets held by Hydrogen Valley Limited and for general corporate and working capital purposes. Admission of these new shares to AIM is expected by 12 December 2025, at which point the total number of Ordinary Shares in issue will be 4,967,127,203. Disclaimer*
About this update from 80 Mile Plc
[{"type":"text","content":"\n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n80 Mile plc\n \n(\"80 Mile\", the \"Company\" or the \"Group\")\n \nSuccessful £2m Fundraising\n \nThe Company confirms, further to its announcement of 7.00 a.m. GMT on 4 December 2025 (the \"Announcement\"), that it has successfully closed the Placing.\nResult of Placing\nSubject to the satisfaction of the conditions referred to below, the Placing Shares and Fee Shares has raised, in aggregate, gross proceeds of £2 million through the issue of 400,000,000 Ordinary Shares. The company has placed 391,600,000 Ordinary Shares (the \"Placing Shares\") with various new institutional investors as well as existing sophisticated investors at a price of 0.5 pence per share (the \"Placing Price\") raising £1,958,000. The Company also intends to issue 8,400,000 Ordinary Shares in satisfaction of fees for services provided (the \"Fee Shares\") totalling £42,000.\nThe allotment and issue of the Placing Shares is conditional, inter alia, upon:\n· Admission becoming effective by no later than 8.00 a.m. on 12 December 2025 (or such other time and/or date, being no later than 8.00 a.m. on 31 December 2025, as Zeus and the Company may agree);\n· the conditions in the Placing Agreement in respect of the Placing Shares being satisfied or (if applicable) waived; and\n· the Placing Agreement not having been terminated in accordance with its terms prior to Admission.\nAccordingly, if any of such conditions are not satisfied or, if applicable, waived, the Placing will not proceed.\n\nUse of Proceeds\n The funds will be used:\n· to progress the development of the Group's assets held by its wholly owned subsidiary Hydrogen Valley Limited; and\n· for general corporate and working capital purposes\nEric Sondergaard, Outgoing Man...