Yahoo Finance Shareholder Increases Interest in Baylin Technologies
TORONTO, May 26, 2023 /CNW/ - Mr. Jeffrey C. Royer, Chairman of the Board of Baylin Technologies Inc. (the "Company"), announced that 2385796 Ontario Inc. (the "Subscriber") has subscribed on a private placement basis for 8,000,000 common shares ("Common Shares") of the Company at a price of $0.39 for each Common Share. The price of the Common Shares represents the volume-weighted average trading price of the Common Shares on the Toronto Stock Exchange (the "TSX") for the five-day period ending on May 19, 2023, the date notice of the private placement was filed by the Company with the TSX. The 8,000,000 Common Shares acquired by the Subscriber represent approximately 9.9% of the 80,401,693 Common Shares outstanding before giving effect to the private placement.
After giving effect to the private placement, the Subscriber holds 51,878,313 Common Shares, representing approximately 58.7% of the 88,401,693 Common Shares outstanding. An Associate of Mr. Royer holds an additional 2,748,450 Common Shares. Together, the Associate and the Subscriber hold 54,626,763 Common Shares, representing approximately 61.8% of the Common Shares outstanding after giving effect to the private placement. Mr. Royer exercises exclusive control over the Common Shares held by the Associate and, by virtue of an agreement with the Associate, over the Common Shares held by the Subscriber.
The Common Shares were acquired for investment purposes. Mr. Royer may direct the purchase of additional Common Shares or other securities of the Company or direct the sale of Common Shares or other securities of the Company, in each case, based on market and other conditions or other circumstances.
A copy of the early warning report required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues incorporating this and other information will be available under the Company's issuer profile on SEDAR at www.sedar.com and by contacting Kelly Myles, Marketing and Communications Director at the Company, at kelly.myles@baylintech.com
SOURCE Baylin Technologies Inc.
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