TORONTO, July 2, 2020 /CNW/ - Baylin Technologies Inc. (the "Company") (TSX: BYL) today announced that it has issued 623,406 common shares to fund interest due on June 30, 2020 on its 6.5% Convertible Unsecured Debentures (the "Debentures"). 355,840 common shares were issued to debenture holders that held 58.8% of the debentures, these holders having elected to receive common shares in lieu of cash interest.
Additionally, 14 insiders, including C-suite, Management and Directors, purchased 267,566 common shares through a private placement. "I am very pleased to see thirteen insiders, participating with myself on this financing, as well the outstanding support from the debenture holders that joined us in this effort.", said Randy Dewey, President and CEO. The common shares were all issued at $0.9259 per common share, representing 85% of the volume-weighted average price of the common shares on the Toronto Stock Exchange for the five trading days ended June 29, 2020.
The Company is applying the proceeds from the private placement to pay the interest on the June 30, 2020 payment and, to the extent of any excess proceeds, the December 31, 2020 interest payment. "This additional financing complements our continued cost reduction efforts. The solid cash position of the company is enhanced by this funding.", adds Mr. Dewey.
Baylin (TSX: BYL) is a leading diversified global wireless technology management company. Baylin focuses on research, design, development, manufacturing and sales of passive and active RF products, terrestrial microwave products, and services. We aspire to exceed our customers' needs and anticipate the direction of the market.
SOURCE Baylin Technologies Inc.
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