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Baylin Completes Second Tranche of $15 Million Private Placement
Baylin Completes Second Tranche of $15 Million Private Placement Canada NewsWir...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Completes Second Tranche of $15 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 OR FOR DISSEMINATION IN\n \n THE UNITED STATES OF AMERICA\n \n /\n \n \n \n \n TORONTO\n \n ,\n \n Oct. 21, 2021\n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"\n \n Company\n \n \") announces that it has completed the second and final tranche (the \"\n \n Final Tranche\n \n \") of its previously announced private placement (the \"\n \n Offering\n \n \") of a minimum of 11,765,000 common shares of the Company (\"\n \n Common Shares\n \n \") and a maximum of 17,648,000 Common Shares at a price of\n \n $0.85\n \n per Common Share. The Company completed the first tranche of the Offering (the \"\n \n First Tranche\n \n \") on\n \n September 1, 2021\n \n , issuing 11,765,000 Common Shares for gross proceeds of\n \n $10,000,250\n \n . The Final Tranche comprised the remaining 5,883,000 Common Shares, resulting in gross proceeds to the Company of an additional\n \n $5,000,550\n \n .\n \n \n \n \n \n \n \n \n \n Pursuant to an agreement dated\n \n October 12, 2021\n \n with 2385796 Ontario Inc. (the \"\n \n Insider\n \n \"), the Company's largest shareholder, in which the Insider agreed to purchase Common Shares in an amount equal to the difference between (i)\n \n $5,000,550\n \n and (ii) the aggregate purchase price paid by all other investors (if any) in the Final Tranche, the Insider purchased 5,460,192 Common Shares. The remaining 422,808 Common Shares were purchased by other insiders of the Company. The Common Shares sold in the Final Tranche are subject to a hold period until\n \n February 22, 2022\n \n . The Insider purchased all 11,765,000 Common Shares in the First Tranche.\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 Paradigm Capital Inc., as lead agent and bookrunner, and Raymond James Ltd. received a cash commissi...