Pelican Acquisition Corporation (PELI), a Cayman Islands exempted special purpose acquisition company, has entered into a non-binding letter of intent with Greenland Exploration Limited to pursue a potential business combination.
Greenland Exploration has an agreement to invest up to $70 million in the Jameson Land Basin.
Its partner, March GL Company, holds rights through a drill-in program to over 2 million acres on Greenland.
Robert Labbe, Chief Executive Officer of Pelican Acquisition Corporation, stated the letter of intent marks an exciting first step in bringing valuable energy assets to public markets.
The preliminary terms explore a share-for-share exchange where Pelican Acquisition Corporation would acquire 100% of the issued and outstanding equity of Greenland Exploration Limited.
The non-binding LOI contemplates an exchange ratio of one Pelican share for each Greenland common share, resulting in the issuance of 21.5 million shares.
