Business
Baylin Announces Repricing of $10 Million Private Placement
Baylin Announces Repricing of $10 Million Private Placement Canada NewsWire ...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Announces Repricing of $10 Million Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES\n \n OR FOR DISSEMINATION IN\n \n THE UNITED STATES OF AMERICA\n \n /\n \n \n \n \n TORONTO\n \n ,\n \n Aug. 20, 2021\n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"\n \n Company\n \n \") announces that it is repricing its previously announced proposed best efforts private placement financing (the \"\n \n Offering\n \n \") of common shares of the Company (the \"\n \n Common Shares\n \n \") from\n \n $0.90\n \n per Common Share to\n \n $0.85\n \n per Common Share to better reflect the current market price of the Common Shares. The gross proceeds from the Offering will remain at a minimum of approximately\n \n $10 million\n \n (11,765,000 Common Shares) as a result of the Financing Commitment (as defined below) but may be increased to a maximum of up to approximately\n \n $15 million\n \n (17,648,000 Common Shares).\n \n \n \n \n \n \n \n \n \n The net proceeds from the Offering will be used for general working capital purposes and for the repayment of outstanding debt.\n \n \n The Offering is expected to close in one or more tranches, with the first closing on or about\n \n September 1, 2021\n \n , but in any case not earlier than\n \n August 26, 2021\n \n , and will be subject to receipt of applicable regulatory approvals and other customary closing conditions, including listing of the Common Shares on the Toronto Stock Exchange (\"\n \n TSX\n \n \"). The Common Shares sold in the Offering will have a hold period of four months and one day from the applicable closing date.\n \n \n As part of the Offering, the Company entered into a separate agreement dated\n \n August 11, 2021\n \n with 2385796 Ontario Inc. (the \"\n \n Insider\n \n \"), the Company's largest shareholder, under which the Insider has agreed to support the Offering by agreeing to purchase Common Shares with a purchase price equal to the lesser of (i)\n \n ...