TORONTO, May 26, 2023
/CNW/ - Mr. Jeffrey C. Royer,
Chairman of the Board of Baylin Technologies Inc. (the
"Company"), announced that 2385796 Ontario Inc. (the
"Subscriber") has subscribed on a private placement basis
for 8,000,000 common shares ("Common Shares") of the Company
at a price of $0.39 for each Common
Share. The price of the Common Shares represents the
volume-weighted average trading price of the Common Shares on the
Toronto Stock Exchange (the "TSX") for the five-day period
ending on May 19, 2023, the date
notice of the private placement was filed by the Company with the
TSX. The 8,000,000 Common Shares acquired by the Subscriber
represent approximately 9.9% of the 80,401,693 Common Shares
outstanding before giving effect to the private placement.
After giving effect to the private placement, the Subscriber
holds 51,878,313 Common Shares, representing approximately 58.7% of
the 88,401,693 Common Shares outstanding. An Associate of Mr. Royer
holds an additional 2,748,450 Common Shares. Together, the
Associate and the Subscriber hold 54,626,763 Common Shares,
representing approximately 61.8% of the Common Shares outstanding
after giving effect to the private placement. 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 Subscriber.
The Common Shares were acquired 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.sedar.com and by contacting Kelly Myles, Marketing and Communications
Director at the Company, at kelly.myles@baylintech.com
SOURCE Baylin Technologies Inc.