An anonymous director reports
BAYLIN ANNOUNCES COMPLETION OF RIGHTS OFFERING
Baylin Technologies Inc. has completed its previously announced offering of rights to purchase its common shares at a subscription price of 19 cents per common share following the expiration of the subscription period at 5 p.m. ET on Dec. 19, 2023.
The company received subscriptions for 62,186,516 common shares, including 54,626,763 common shares from 2385796 Ontario Inc., the company's largest shareholder, and a related party of the principal shareholder, resulting in gross proceeds to the company of $11,815,438. Jeffrey C. Royer, chairman of the board of directors of the company, exercises control and direction over the common shares held by Royer Group. The company intends to apply the full amount of the proceeds from the rights offering to reduce the amount of its term loan from approximately $13.2-million to approximately $1.4-million. Separately, the company has received a commitment from the principal shareholder to provide the company with the additional funds necessary to enable to it repay the term loan in full at maturity on Dec. 29, 2023, subject to the completion of final documentation and the receipt of required regulatory and other approvals.
About Baylin Technologies Inc.
Baylin is a leading diversified global technology company. The company focuses on the research, design, development, manufacture, and sale of passive and active radio-frequency products, satellite communication products and supporting services.
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