Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 375

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 375
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 |
| Accounts payable                                                            |     |   |  8,335 |   |
| Net cash provided by operating activities                                   |     | $ |      - |   |
| Cash flows from financing activities                                        |     |   |        |   |
| Common share issuance                                                       |     |   | 10,000 |   |
| $15 exercise price warrant issuance                                         |     |   | 10,000 |   |
| Net cash provided by operating activities                                   |     |   | 20,000 |   |
| Net increase in cash                                                        |     | $ | 20,000 |   |
| Cash at beginning of period                                                 |     |   |      - |   |
| Cash at end of period                                                       |     | $ | 20,000 |   |
| Supplemental diclosure for non-cash financing activities                    |     |   |        |   |
| Income tax and interest                                                     |     |   |      - |   |

<div align='center'>The accompanying notes are an integral part of the financial statements.

F-53</div>

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Greenland Exploration Limited (“Greenland” or the “Company”) is a corporation incorporated in the state of Texas on June 9, 2025. The Company is focused on developing strategic positions in North American energy assets. Through its partnerships and future acquisitions, Greenland Exploration Limited aims to deliver long-term shareholder value in a dynamic and evolving energy market.

On June 23, 2025, the Company entered into a non-binding letter of intent with Pelican Acquisition Corporation (“Pelican”), a Cayman Islands exempted company formed as a special purpose acquisition company, for Pelican to acquire all outstanding equity securities of the Company. Simultaneously on June 23, 2025, the Company entered into a non-binding memorandum of understanding (the “March MOU”) with March GL Company, a Texas corporation (“March GL”), regarding Company’s proposed acquisition of a non-operating, non-expense bearing equity participation interest (the “Interest”) in certain oil and gas rights secured by March GL (the “Acquisition”) and the grant of certain exchange rights to March GL. Subsequently, on September 9, 2025, Pelican, Greenland, March GL and certain Merger Subs entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”). At the closing of the transaction pursuant to the Merger Agreement (the “Mer