Pelican Acquisition Corporation Signs Letter of Intent to Acquire Greenland Exploration Limited

Core Viewpoint - Pelican Acquisition Corporation has entered into a non-binding letter of intent with Greenland Exploration Limited to explore a potential business combination, focusing on strategic energy assets in North America [1][2][4] Company Overview - Pelican Acquisition Corporation is a special purpose acquisition company formed to effect mergers, share exchanges, and similar business combinations without being limited to any particular industry or geographic region [10] - Greenland Exploration Limited is a Texas-based entity focused on developing strategic interests in North American energy assets, aiming to deliver long-term shareholder value [7] Transaction Details - The proposed transaction involves a share-for-share exchange where Pelican would acquire 100% of the issued and outstanding equity of Greenland Exploration, with an exchange ratio of one Pelican share for each GEL common share, resulting in the issuance of 21.5 million shares of Pelican [3] - Greenland Exploration has an agreement to invest up to $70 million in the Jameson Land Basin, which has seen over $200 million invested by major oil companies to develop oil reserves [2][3] Strategic Importance - The Jameson Land Basin is estimated to contain approximately 31.4 billion barrels of oil equivalent, making it a significant opportunity for energy development [2] - The transaction is seen as a unique opportunity for Pelican's shareholders, especially given recent U.S. designations of Greenland as a strategic defensive location [2][4] Negotiation and Advisory - The letter of intent includes a 30-day exclusive negotiation period for the parties to work towards a definitive agreement, subject to due diligence and approvals [4] - ThinkEquity is advising Greenland Exploration, while EarlyBirdCapital is advising Pelican on the transaction [5]