By Sheri Kasprzak
New York, Dec. 14 - Baltic Resources Inc. said it plans to raise up to C$1.5 million in a private placement of flow-through shares and units.
The offering includes flow-through shares at C$0.25 each and units at C$0.25 each. The exact number of flow-through shares and units could not be determined.
The units are comprised of one share and one half-share warrant. The full warrants are exercisable at C$0.35 each for two years.
The deal is expected to close Dec. 30.
Credifinance Securities Ltd. is the placement agent.
Proceeds will be used for exploration on the company's properties in Ontario. The remainder will be used for working capital.
Based in Toronto, Baltic is a gold and diamond exploration company.
| Issuer: | Baltic Resources Inc.
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| Issue: | Flow-through shares and units of one share and one half-share warrant
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| Amount: | C$1.5 million
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| Placement agent: | Credifinance Securities Ltd.
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| Pricing date: | Dec. 14
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| Settlement date: | Dec. 30
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| Stock price: | C$0.20 at close Dec. 13
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| Flow-through shares
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| Price: | C$0.25
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| Warrants: | No
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| Units
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35
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