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Baylin Completes First Tranche of Private Placement - Raises $10 Million
Baylin Completes First Tranche of Private Placement - Raises $10 Million Canada...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Completes First Tranche of Private Placement - Raises $10 Million\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 OR FOR DISSEMINATION IN\n \n THE UNITED STATES OF AMERICA\n \n /\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 1, 2021\n \n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"\n \n Company\n \n \" or \"\n \n Baylin\n \n \") announces that it has completed the first tranche of its previously announced private placement offering (the \"\n \n Offering\n \n \") of a minimum of 11,765,000 common shares of the Company (\"\n \n Common Shares\n \n \") up to a maximum of 17,648,000 Common Shares at a price of\n \n $0.85\n \n per Common Share. Pursuant to an agreement dated\n \n August 11, 2021\n \n with 2385796 Ontario Inc. (the \"\n \n Insider\n \n \"), the Company's largest shareholder, whereby the Insider agreed to purchase such number of Common Shares with a purchase price equal to the lesser of (i)\n \n $10 million\n \n ; and (ii) the difference between\n \n $10 million\n \n and the aggregate gross proceeds paid by all other investors (if any) in the Offering, the Insider has purchased all 11,765,000 Common Shares comprising the first tranche of the Offering, resulting in total aggregate gross proceeds to the Company of\n \n $10,000,250\n \n .\n \n \n \n \n \n \n \n \n \n The Company is relying on the \"financial hardship\" exemption available to it under the rules of the Toronto Stock Exchange (\"\n \n TSX\n \n \") to permit the Insider to purchase the Common Shares sold under the first tranche of the Offering. As a result of reliance on this exemption, the TSX, in accordance with its standard practices, is reviewing the eligibility of the Company for continued listing of its securities on the TSX and has placed the Company under remedial delisting review. The Company has until early\n \n December 2021\n \n to satisfy the requirements for continued listing, which it is confident it will be able to meet. The C...