BLR Baltic shareholder RAB subscribes for 1.5 million units
2005-04-22 17:34 ET - News Release
Mr. Neil Warrender of RAB Special Situations reports
RAB SPECIAL SITUATIONS L.P./BALTIC RESOURCES INC.-ANNOUNCEMENT
RAB Special Situations LP has subscribed for a total of 1.5 million units of Baltic Resources Inc. at a price of 20 cents per unit. Each unit consists of one common share in the capital of the company and one-half of one share purchase warrant of the company. Each whole warrant entitles Special Situations to acquire one additional share of the company at a price of 30 cents per warrant share for a period of 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 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).
Immediately after the private placement, Special Situations owned 1.5 million shares and 750,000 warrants, representing approximately 13.25 per cent 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 per cent or more of any class of the outstanding voting or equity securities of the company.