Alpha Exploration Limited entered into a letter of intent to acquire Baltic I Acquisition Corp. (TSXV:BLTC.P) on n July 21, 2020. Alpha Exploration Limited entered into an arrangement agreement to acquire Baltic I Acquisition Corp. (TSXV:BLTC.P) on September 14, 2020. Under the terms of agreement, Baltic shareholders will receive Alpha shares in exchange for their Baltic shares at a ratio to be determined. Holders of options to acquire Baltic shares and warrants to purchase Baltic shares will be entitled to receive Alpha shares in lieu of the Baltic shares otherwise issuable multiplied by the exchange ratio. Prior to the closing of the transaction, Alpha intends to conduct a private placement, in which Alpha will issue either Alpha shares or subscription receipts convertible into Alpha shares immediately prior to closing of the transaction upon satisfaction of specified release conditions. In either case, the minimum aggregate gross proceeds of the Alpha financing will be CAD 4 million at a price per security as Alpha may determine. In accordance with TSXV policy, the Baltic shares have been halted from trading and are expected to remain halted until closing of the transaction. The resulting issuer will carry on the mineral exploration business conducted by Alpha, and subject to TSXV approval, the resulting issuer will be named Alpha Exploration Ltd, and the shares of the resulting issuer are intended to be listed on the TSXV under a new trading symbol.

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