Pelican Acquisition Corp. (NASDAQ: PELI) announced that its shareholders have approved the proposed business combination with Pelican Holdco Inc., Greenland Exploration Limited, and March GL Company. The approval came during an extraordinary general meeting held on March 19, 2026, with the transaction expected to close on or about March 24, 2026. This deal is structured to form a new publicly traded energy company with a strategic focus on advancing global energy security through the responsible development of Greenland's natural resources.
The importance of this business combination lies in its potential impact on global energy markets and resource development. Greenland Exploration Limited, a Texas-based entity focused on developing strategic positions in North American energy assets, brings expertise in long-term value creation within the dynamic energy sector. More information about Greenland Exploration Limited is available on their LinkedIn page at https://www.linkedin.com/company/greenland-energy-company.
A key component of this transaction involves March GL Company, a privately-owned Texas corporation that has entered into an agreement with 80 Mile for drilling operations at the Jameson oil and gas basin in Greenland. According to the announcement, March GL will fund 100% of the costs associated with up to two exploration wells designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile's subsidiary company up to 70% interest in the entire basin and will be appointed as the Field Operations Manager. Additional details about March GL Company can be found on their website at http://www.MarchGL.com.
This business combination represents a significant development in energy resource exploration at a time when global energy security concerns are increasingly prominent. The focus on Greenland's resources comes as nations worldwide seek diversified energy sources and strategic resource development. The transaction creates a publicly traded entity that combines Pelican Acquisition's financial structure with Greenland Exploration's strategic positioning and March GL's operational capabilities and funding commitments for exploration activities.
For investors following this development, the latest news and updates relating to PELI are available in the company's newsroom at http://nnw.fm/PELI. The full press release detailing the shareholder approval and transaction terms can be viewed at https://nnw.fm/sa5y4. This business combination approval marks a significant step toward creating a new energy company positioned to develop Greenland's resources while addressing broader energy security considerations through responsible resource development strategies.
