Bluejay Mining PLC Update on White Flame Energy Transaction

RNS Number : 6646W

Bluejay Mining PLC

17 July 2024

 

17 July 2024

Bluejay Mining plc / Ticker: JAY / Market: AIM / Sector: Mining

Update on White Flame Energy Transaction

 

Bluejay 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 provide an update on the acquisition of White Flame Energy Limited ("WFE"). WFE is the 100% owner of three potentially large scale industrial gas, natural gas and liquid hydrocarbon rich exploration and exploitation licences, onshore, East Greenland.

The Company's conditional offer, announced 20 June 2024 and approved by Bluejay shareholders at the General Meeting held on 10 July 2024, to acquire up to an initial 51% of the issued share capital of White Flame for £1,402,500, payable in Bluejay shares has been accepted by approximately 95% of WFE shareholders. Bluejay has also been granted a 3 year option to acquire the remaining 49% on the same terms.

The process of transferring the WFE shares will take place over the coming weeks and further details on the issue of the consideration shares to the WFE vendors and the Company's change of name will be announced at the appropriate time.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.

For further information please visit http://www.bluejaymining.com or contact:

Eric Sondergaard	Bluejay Mining plc	[e-mail]
Ewan Leggat / Adam Cowl	SP Angel Corporate Finance LLP (Nominated Adviser and Broker)	[phone]
Tim Blythe / Megan Ray / Said Izagaren	BlytheRay (Media Contact)	[phone]

 

About Bluejay Mining plc

Bluejay is listed on the London AIM market and Frankfurt Stock Exchange and its shares also trade on the Pink Market in the US. With multiple projects in Greenland and Finland, Bluejay offers both portfolio and commodity diversification focused on base and precious metals in Tier 1 jurisdictions.

 

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