RAB Special Situations L.P.

BALTIC RESOURCES INC.

BALTIC RESOURCES INC.

April 22, 2005 17:26 ET

RAB SPECIAL SITUATIONS L.P./Baltic Resources Inc.-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND BALTIC RESOURCES INC.

TSX VENTURE SYMBOL: BLR

APRIL 22, 2005 - 17:26 ET

RAB SPECIAL SITUATIONS L.P./Baltic Resources
Inc.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - April 22, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that Special Situations
subscribed for a total of 1,500,000 units (the "Units") of Baltic
Resources Inc. (TSX VENTURE:BLR) (the "Company") at a price of Cdn.$0.20
per Unit (the "Private Placement"). Each Unit consists of one common
share in the capital of the Company (a "Share") and one-half (1/2) of
one (1) Share purchase warrant (a "Warrant") of the Company. Each whole
Warrant entitles Special Situations to acquire one additional Share of
the Company (a "Warrant Share") at a price of Cdn.$0.30 per Warrant
Share for a period of eighteen (18) months from the Closing Date. The
transaction took place off the market by way of private placement and
closed on April 7, 2005.

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 13.25% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
1,500,000 Shares and 750,000 Warrants, representing approximately 13.25%
of the issued and outstanding Shares on a Partially Diluted Basis.

Special Situations purchased securities for investment purposes only and
not with the purpose of influencing the control or direction of the
Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. However, Special Situations together
with joint actors, if any, does not intend to acquire 20% or more of any
class of the outstanding voting or equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (44) 20-7389-7000
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.