February 27, 2007 11:37 ET

Baltic Resources Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Feb. 27, 2007) - Baltic Resources Inc. (the "Company") (TSX VENTURE:BLR) announces that it has engaged Pope & Company Limited (the "Agent") of Toronto to act as agent to sell, on a best efforts basis, by way of private placement, a minimum of 4,000,000 common shares of the Company ("Common Shares") and maximum 6,000,000 Common Shares at a price of $0.40 per Common Share for minimum gross proceeds of $1,600,000 and maximum gross proceeds of $2,400,000 (the "Financing").

In connection with the Financing, the Company has agreed to pay to the Agent a cash commission equal to 8% of the gross proceeds of the Financing and to issue to the Agent broker warrants, exercisable for a 24-month period following the closing of the Financing, to purchase that number of Common Shares equal to 10% of the aggregate number of Common Shares sold under the Financing at a price of $0.40 per Common Share.

The proceeds of the Financing will be used for the exploration of the Company's properties located in the Province of Ontario and for general working capital purposes.

The Financing is expected to close on or before March 30, 2007 and is subject to the approval of the TSX Venture Exchange.

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) 268-9000