Pelican AI Corp. Proposes Share Issuances Amid Legal Developments

Pelican AI Corp. has announced plans to issue around 2.5 million common shares at C$0.25 each. This involves a non-brokered private placement and a debt settlement deal valued at approximately C$625,000. The placement includes 100,000 shares to a previously omitted investor, raising C$25,000, while 2.4 million shares will address C$600,000 in debt. Participants in both transactions are unrelated to Pelican.

Proceeds will support general operations, aiming to conserve cash and enhance the balance sheet. These actions require Canadian Securities Exchange approval and comply with securities laws.

On the litigation front, Pelican has settled a dispute involving a former noteholder and updates ongoing litigation with Parth Desai. The firm has counterclaimed in New Jersey but outcomes remain uncertain.