BALTIC RESOURCES INC.
TSX VENTURE : BLR

BALTIC RESOURCES INC.

December 15, 2006 13:27 ET

Baltic Resources Inc. Closing Private Placement With MineralFields

TORONTO, ONTARIO--(CCNMatthews - Dec. 15, 2006) - Baltic Resources Inc. (the "Company") (TSX VENTURE:BLR) is pleased to announce that it completed a non-brokered private placement (the "Financing") on December 11, 2006 for aggregate gross proceeds of $1,000,000 through the sale of 4,000,000 "flow-through" units of the Company (each a "Unit") at a price of $0.25 per Unit to the MineralFields Group. Each Unit consists of one "flow-through" common share (each a "Flow-Through Shares") in the capital of the Company and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to acquire one non-flow through common share of the Company at any time before December 11, 2007 at a price of $0.35 per common share, and thereafter at any time before December 11, 2008 at a price of $0.45 per common share.

"We are very pleased to be entering into this relationship with the MineralFields Group and look forward to working with them as we develop our properties in Ontario", said Stephen Gledhill, Chief Financial Officer of the Company.

The Company has paid finders fees to Limited Market Dealer Inc. ("LMD") and Credifinance Securities Limited ("CSL") comprised of a cash commission equalling to 8% of the aggregate proceeds of the Financing and granted to LMD non-transferable warrants to purchase 200,000 units of the Company (each, a "Finder Unit") and to CSL 200,000 Finder Units. Each Finder Unit is exercisable at a price of $0.25 per Finder Unit until December 11, 2008. Each Finder Unit consists of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share at any time before December 11, 2007 at a price of $0.35 per common share, and thereafter at any time before December 11, 2008 at a price of $0.45 per common share.

The securities issued pursuant to the Financing are subject to a four (4) month hold period until April 12, 2007.

The proceeds of the Financing will be used for the exploration of the Company's exploration properties located in the Province of Ontario.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Baltic Resources Inc.
    Donald D. McKinnon
    President and Chief Executive Officer
    (705) 268-8822