PELIR Overview

Merger Announcement: Pelican Acquisition Corporation has signed a definitive agreement to merge with Greenland Exploration Limited and March GL Company, creating Greenland Energy Company, which will focus on energy exploration in the Jameson Land Basin in East Greenland.

Exploration Potential: The Jameson Land Basin has significant hydrocarbon potential, with March GL identifying over 50 oil and gas targets using modern technology on legacy seismic data, aiming to commence drilling operations soon.

Strategic Importance: The merger is positioned as a critical step in unlocking Greenland's energy resources, contributing to economic diversification and energy security for both Greenland and the United States.

Transaction Details: The merger will involve Pelican shareholders receiving shares in the new company, Greenland Energy, and will be supported by various advisors and logistics partners to ensure responsible development and compliance with environmental standards.

Pelican Acquisition Corporation's LOI: Pelican Acquisition Corporation has entered a non-binding letter of intent with Greenland Exploration Limited to explore a potential business combination, focusing on energy assets in the Jameson Land Basin in Greenland, which is estimated to contain significant oil reserves.

Transaction Details and Future Steps: The proposed deal includes a share-for-share exchange, with Pelican potentially acquiring 100% of GEL's equity. The agreement is subject to further negotiations, due diligence, and regulatory approvals, with a 30-day exclusive negotiation period established.