TORONTO, Dec. 22,
2023 /CNW/ - Mr. Jeffrey
C. Royer, Chairman of the Board of Baylin Technologies Inc.
(the "Company"), announces that the Company's largest
shareholder, 2385796 Ontario Inc. (the "Principal
Shareholder"), and a related party of the Principal Shareholder
and an associate (as defined in the Securities Act
(Ontario)) of Mr. Royer (the
"Associate"), have participated in the Company's
previously-announced offering (the "Rights Offering") of
rights by exercising their basic subscription privilege to acquire
an additional 54,626,763 common shares (the "Common Shares")
of the Company at a subscription price of $0.19 per Common Share.
Before the Rights Offering, the Principal Shareholder held
51,878,313 Common Shares and the Associate held an additional
2,748,450 Common Shares, representing, together, 54,626,763 Common
Shares or approximately 61.7% of the Common Shares then
outstanding.
After the Rights Offering, the Principal Shareholder and
Associate together hold 109,253,526 Common Shares, representing
approximately 72.5% of the Common Shares currently outstanding.
Mr. Royer exercises exclusive control over the Common Shares
held by the Associate and, by virtue of an agreement with the
Associate, over the Common Shares held by the Principal
Shareholder.
The subscription for Common Shares was made for investment
purposes. Mr. Royer may direct the purchase of additional Common
Shares or other securities of the Company or direct the sale of
Common Shares or other securities of the Company, in each case,
based on market and other conditions or other circumstances.
A copy of the early warning report required by National
Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues incorporating this
and other information will be available under the Company's issuer
profile on SEDAR+ at www.sedarplus.ca and by contacting
Kelly Myles, Marketing and
Communications Director at the Company, at
kelly.myles@baylintech.com
SOURCE Baylin Technologies Inc.
