Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 270

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 270
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The following table summarizes our cash flows for the period from inception through June 30, 2025:

| For the period from inception (March 31, 2025) through June 30, 2025 |     | ($ in thousands) |       |   |
|:---------------------------------------------------------------------|:----|:-----------------|------:|:--|
| Net cash used in operating activities                                |     |                  |  (934 | ) |
| Net cash used in investing activities                                |     |                  |     - |   |
| Net cash provided by financing activities                            |     |                  | 1,150 |   |
| Net increase in cash and cash equivalents                            |     |                  |   216 |   |
| Cash and cash equivalents, beginning of period                       |     |                  |     - |   |
| Cash and cash equivalents, end of period                             |     |                  |   216 |   |

<div align='center'>187</div>

Net cash used in operating
activities during the period from inception through June 30, 2025, was approximately $216,000, primarily consisting of general and administrative
costs, geological and geophysical expenses, and costs associated with establishing our corporate structure and preparing for this offering.

Because
we have not yet commenced production or drilling operations, our operating cash flows reflect primarily exploration-stage overhead and
planning activities, including license payments in Greenland, technical and consulting fees, legal and regulatory expenses, and initial
staffing and professional service costs incurred to support the Company’s organizational development and public-company readiness.

Investing Activities

We had no investing activities during the period from inception through June 30, 2025, as we have not yet initiated drilling, acquired property or equipment, or completed asset transactions.

Financing Activities

We had no financing activities during the period from inception through June 30, 2025. Our initial funding has been through founder capital contributions, which occurred prior to the inception date. We have not incurred any debt or paid any distributions.

Capital Resources and Outlook

We expect that the net proceeds from this offering, combined with our existing cash, will fund the majority of our initial exploration and drilling program in the Jameson Land Basin, including permitting, seismic data acquisition, and the planned drilling of three exploratory wells.

Future capital requirements will depend on the outcomes of these exploratory wells, potential follow-on appraisal activities, and the availability of financing sources. If our initial wells are successful, we expect to pursue