Pelican Canada Raises C$5M in Private Placement Ahead of Reverse Takeover.

Pelican Canada Inc. is launching a brokered private placement of subscription receipts for total gross proceeds of up to C$5,000,000. Canaccord Genuity Corp. is acting as sole lead manager and bookrunner, with Research Capital Corp. also participating. The offering is in anticipation of a reverse takeover of Christie Capital Corp. by Pelican.

Pelican Canada Inc. (Pelican) has announced a brokered private placement of subscription receipts, with total gross proceeds of up to C$5,000,000. The offering is being led by Canaccord Genuity Corp. (Canaccord) as the sole lead manager and bookrunner, with Research Capital Corp. (Research Capital) also participating. The private placement is anticipated to facilitate a reverse takeover of Christie Capital Corp. (Christie) by Pelican.

The subscription receipts will be priced at C$0.25 each, with the option for Canaccord to increase the size of the offering by up to 20% of the Subscription Receipts sold. The proceeds from the offering will be used for working capital and general corporate purposes. Upon completion of the reverse takeover, the common shares of the resulting issuer will be free-trading.

The reverse takeover is structured as a three-cornered amalgamation, whereby a wholly-owned subsidiary of Christie will amalgamate with Pelican. The resulting issuer will change its name to "PelicanAI Corp." or another mutually agreed name. The completion of the transaction is subject to various conditions, including regulatory approvals and shareholder consents.

The management of the resulting issuer will be comprised of nominees of Pelican, with Sasha Grujicic as the Chief Executive Officer, Daren Trousdell as the Executive Chairman, and other experienced executives from both Pelican and Christie. A chief financial officer for the resulting issuer remains to be identified.

Christie, a reporting issuer in British Columbia and Alberta, has applied to list the common shares of the resulting issuer on the TSX Venture Exchange. The completion of the transaction is subject to receiving conditional listing approval from the Exchange.

Pelican will convene a meeting of its shareholders to approve the amalgamation, while Christie will seek shareholder approval by written consent for various matters related to the transaction. Further details of the offering, the transaction, and the business and operations of Pelican will be disclosed in the listing application or other applicable disclosure document.

Completion of the transaction is subject to a number of conditions, and there can be no assurance that the transaction will be completed as proposed or at all.