Alpha Exploration Limited cancelled the acquisition of Baltic I Acquisition Corp. (TSXV:BLTC.P).
Concurrent with the completion of the transaction, Jay Sujir and Luke Alexander, current Directors of Baltic, will resign in favour of nominees of Alpha, which are currently anticipated to be Michael Hopley, who will also be appointed as President and Chief Executive Officer of the resulting issuer, Alasdair Smith and Christopher van der Westhuyzen. Harry Pokrandt, a current Director of Baltic, will remain as a Director of the resulting issuer. Alasdair Smith will also be appointed as the Technical Director of the resulting issuer and Christopher van der Westhuyzen will be appointed as Chief Financial Officer.
The completion of the transaction is subject to the satisfaction of certain conditions being met including but not limited to: completion of the Alpha financing, approval by Baltic shareholders at a special meeting of shareholders and receipt of all requisite third party consents, waivers, permits, orders and approvals, including, without limitation, the approval of the TSXV, antitrust approvals, execution of dissident's rights and of the British Columbia Supreme Court. Concurrently with the execution of the agreement, each of the directors of Baltic have entered into support agreements, in which they have agreed to vote the Baltic shares they beneficially own or control in favor of the arrangement and related matters at the Baltic meeting and to otherwise support the transaction. The board of directors of Baltic unanimously approved the transaction. The transaction will be completed on or before November 30, 2020. Jay Sujir of Farris LLP acted as legal advisor to Baltic.
Alpha Exploration Limited cancelled the acquisition of Baltic I Acquisition Corp. (TSXV:BLTC.P) on December 15, 2020. The deadline for completing the transaction expired on December 15, 2020. The transaction was terminated, as the deadline was not extended. On February 10, 2021, Alpha filed a Notice of Civil Claim against Baltic, alleging that Baltic breached the terms of and improperly terminated the Arrangement Agreement