Baylin Completes Private Placement Financing

About this update from Baylin Technologies, Inc.

[{"type":"text","content":"\n \n \n \n Baylin Completes Private Placement Financing\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 26, 2023\n \n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"\n \n Company\n \n \") announced today that it has completed its previously announced private placement (the \"\n \n Private Placement\n \n \") of 8,000,000 common shares to its principal shareholder, 2385796 Ontario Inc. (the \"\n \n Subscriber\n \n \"), a company over which Mr.\n \n Jeffrey C. Royer\n \n , Chairman of the Board of Directors of the Company, exercises control and direction over investment decisions. The Subscriber purchased the common shares at a subscription price of\n \n $0.39\n \n per share (being the volume-weighted average trading price of the common shares on the Toronto Stock Exchange (the \"\n \n TSX\n \n \") for the five trading days ending on\n \n May 19, 2023\n \n , the day the Company filed notice of the Private Placement with the TSX). The Company will use the\n \n $3,120,000\n \n proceeds to fund working capital in the business, including for use in the Mobile and Network business line. The common shares are being listed on the TSX. After giving effect to the Private Placement, the Subscriber and a related party hold approximately 61.8% of the outstanding common shares of the Company.\n \n \n \n \n \n \n \n \n \n \n About Baylin\n \n \n \n Baylin is a diversified global wireless technology company. We focus on the research, design, development, manufacture and sale of passive and active radio-frequency products, satellite communications products, and supporting services. For further information, please visit\n \n www.baylintech.com\n \n .\n \n \n \n Forward-Looking Statements\n \n \n \n This press release includes forward-looking information and forward-looking statements (together, \"forward-looking statements\") within the meaning of applicable securities laws. They are not statements of historical fact. Rather, they are disclosure regarding conditions, developments, events, or financial perf...

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