Baltic Resources plans private placement for up to C$1.2 million

By Sheri Kasprzak

Atlanta, March 24 - Baltic Resources Inc. said it plans to raise up to C$1.2 million in a private placement.

The offering includes flow-through shares at C$0.23 each and units at C$0.20 each.

The units are comprised of one share and one half-share warrant. The full warrants allow for an additional share at C$0.30 each for 18 months.

The exact breakdown of units and shares will be determined once the offering closes.

The company hopes to acquire two mining properties in Sault Ste. Marie, Ont., and Porcupine, Ont. The proceeds will also be used for working capital and exploration activities.

Integral Wealth Securities Ltd. is the placement agent.

The deal is expected to close March 29.

Based in Toronto, Baltic is a mineral exploration company.

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