secwatch.observer — SEC 8-K summary
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Issuer:     Greenland Energy Co (GLND)
CIK:        0002093507
Form:       8-K
Filed at:   2026-09-29T13:23:18+00:00
Accession:  0001829126-26-010531
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Greenland Energy rebuts Fugazi Research short report, says 13B-barrel figure is high-end 3U prospective resource
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- Letter states GLND has no earnings, no production, no proved reserves and has not drilled its first well; 13B-barrel 3U case is unrisked, with 1.1B low and 4.2B best estimates from Sproule ERCE.
- Company says Fugazi miscast burn: $4.6M six-month operating cash use versus $17.5M capitalized into the asset and $10.5M in prepaid exploration costs and deposits.
- GLND raised about $70M cash from share and warrant sales; warrants at $5.00 and $15.00 strikes would bring roughly $110M if fully exercised.
- Company paid £500,000 to preserve its right to earn up to a 70% working interest for two more years; environmental baseline work at the planned well site was approved in August.
- Letter cites $231,000 in the bank behind the going-concern note, MaloneBailey's PCAOB matter over quality controls, not-yet-effective internal controls, and director Carol Craig.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2093507/000182912626010531/0001829126-26-010531-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2093507/000182912626010531/greenlandenergyco_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-26-010531

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