Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 271

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 271
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 additional equity or strategic partnerships to fund the appraisal and development phases.

Management believes that March GL’s current liquidity and capital resources will be sufficient to meet business needs for at least the next 12 months.

Commitments and Contingencies

In July 2025, the Company entered into a booking
and cancellation agreement with Desgagnés Transarctik Inc. for Arctic sealift services. Under the terms of the agreement, the Company’s
initial deposit of approximately CAD $1.17 million may be applied as a credit toward a 2026 voyage to Jameson Land. If such voyage does
not occur during the 2026 shipping season, the deposit will be forfeited as full settlement of the 2025 cancellation, representing a potential
loss contingency.

The Company also executed
a consulting work order with Halliburton Energy Services, Inc. totaling approximately $0.34 million for project planning and technical
services through October 2025. These expenditures are expected to be incurred in the ordinary course of operations.

Future Liquidity Outlook

We expect that our existing cash resources, together with the net proceeds from this offering, will be sufficient to meet our operating needs, including geological and geophysical expenditures, license fees, permitting costs, and general administrative expenses, for at least the next twelve months.

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Because we are an exploration-stage company with no current production or revenues, our future liquidity will depend primarily on the timing and amount of funds raised through equity offerings or other external financing. Over the longer term, our liquidity will also depend on the success of our planned exploration and drilling program, future commodity price realizations if commercial discoveries are made, and our ability to access capital markets to fund drilling and development activities.

Sustained changes in commodity prices, delays in drilling, or increased operating costs may influence our cash flow requirements and could require us to adjust our capital allocation priorities, including the pace of exploration activities or the timing of capital expenditures.

Working Capital

We actively monitor working capital levels to ensure that we have sufficient liquidity to fund ongoing operations. As of June 30, 2025, we had cash and cash equivalents of $216,137. This cash balance is expected to fund a portion of our initial exploration activities and general corporate purposes.

We have not generated revenues to date and have not incurred any capital expenditures related to drilling or development. All cash flow activity since inception has been related to operating activities, including geological and geophysical studies, license payments, professional services, and administrative