05:10 PM EDT, 06/23/2025 (MT Newswires) -- Pelican Acquisition ( PELI ) said late Monday it has signed a non-binding letter of intent to merge with Greenland Exploration, a special purpose company focused on North American energy assets.

Under the preliminary terms, Pelican would acquire 100% of Greenland Exploration in a share-for-share exchange, issuing 21.5 million shares.

Greenland Exploration has an agreement allowing it to invest up to $70 million in the Jameson Land Basin, where its partner, March GL, holds drilling rights to over 2 million acres in Greenland, Pelican Acquisition ( PELI ) said, adding that the agreement includes possible equity rights for March GL tied to a $200 million notional valuation.

The LOI includes a 30-day exclusive negotiation period and remains subject to due diligence, final agreements, and regulatory approvals.