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by Mike Caswell

Baltic I Acquisition Corp. is facing a $1.3-million lawsuit in the Supreme Court of British Columbia over its failed qualifying transaction with Alpha Exploration Ltd., owner of an Eritrean property. The suit claims that Baltic attempted to renegotiate the agreement between the companies, and then simply ended the deal. Alpha is seeking damages for breach of contract, among other things.

The allegations are contained in a notice of claim that Alpha filed at the Vancouver courthouse on Feb. 11, 2021. The suit stems from a deal dated Sept. 14, 2020, in which Baltic and Alpha would merge, with the deal to constitute Baltic's QT. Terms called for Alpha to raise $4-million, with the number of shares issued in the QT being dependent on the share price in Alpha's financing.

(The deal came with all the praise typical for such a transaction. Baltic chief executive officer Harry Pokrandt noted the "impressive results" generated by Alpha and set out how he was "particularly excited to join the Alpha team" upon closing the deal. The CEO of the resulting company would have been Alpha's Michael Hopley, a man that Mr. Pokrandt said he had known for many years and who had a "history of discovery and building value for shareholders which is second to none.")

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