RE: Nasdaq listing9 Jan 2026 10:59
Pelican Transaction Values 80 Mile's 30% Jameson Interest at US$92M
80 Mile PLC ('80 Mile' or the 'Company') notes the 09 September 2025 announcement by Pelican Acquisition Corporation (NASDAQ: PELI) ('Pelican'), a company formed as a special purpose acquisition company, regarding its Definitive Agreement and Plan of Merger with Greenland Exploration Limited ("GEL"), 100% owned subsidiary of March GL Company. GEL has an agreement with March GL Company ("March GL") that will allow it to earn up to 70% in 80 Mile's Jameson liquid hydrocarbon project in Greenland ("Jameson").
Highlights
· Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with GEL and March GL
· Company to be Renamed Greenland Energy Company, Ticker GNLD Reserved
· Pelican currently trades under PELI on NASDAQ
· $215 Million Implied Valuation for 70% ownership excluding cash
As announced by 80 Mile on 28 April 2025, March GL and 80 Mile entered into a binding agreement for drilling to commence at the Jameson basin in East Greenland. March GL will fund 100% of the costs associated with up to two exploration wells (minimum of 3,500m each) designed to delineate the hydrocarbon potential of the Jameson Basin. In return, March GL will earn up to 70% interest of the 3 licenses covering the Jameson basin. The Definitive Merger Agreement between Pelican and Greenland Exploration values March GL at approximately US$215 million not including the expected US$86m in cash post transaction.
As a result, this values the remaining 30% of the Jameson project that will be retained by 80 Mile at c. US$92 million.
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