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TORONTO, Dec. 8, 2016 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company" or "Baylin"), is pleased to announce that it has filed an amended and restated preliminary short form prospectus to provide additional details concerning its previously announced proposed offering (the "Offering") of common shares (the "Offered Shares") of the Company, including the pricing of the Offering. Pursuant to the Offering, the Company will offer 2,703,000 Offered Shares at $1.85 per Offered Shares for aggregate gross proceeds of $5,000,550. The Offering is being conducted on a best-efforts basis by Paradigm Capital Inc. and Raymond James Ltd. as co-lead agents (the "Agents").
In connection with the Offering, the Company has granted the Agents the option, exercisable in whole or in part at any time and from time to time until the date that is 30 days from the date of the closing of the Offering, to sell up to that number of additional Common Shares as is equal to 15% of the Offered Shares sold under the Offering on identical terms.
The Company intends to use the net proceeds of the Offering to fund research and development of the Company's entry into the Macro Antenna sector, as well as for capital expenditures and general working capital purposes.
The Company has filed the amended and restated preliminary short form prospectus in each of the provinces of Canada other than Québec. The Company has applied to list the Offered Shares on the Toronto Stock Exchange (the "TSX"). The closing of the Offering is expected to occur on or about December 22, 2016 and is subject to certain customary conditions and receipt of applicable regulatory approvals, including approval of the TSX.
Baylin is a leading global wireless technology management company. Baylin focuses on design, development, manufacturing and delivery of leading wireless products and services. We aspire to meet our customers' needs and anticipate the direction of the market.
Forward-looking Information Cautionary Statement
Statements in this press release contain forward-looking information including, without limitation, the approval of the TSX, the timing and completion of the Offering and the anticipated use of proceeds by Baylin. The completion and timing of the Offering is based on a number of assumptions, including, that all approvals for the Offering will be received, a receipt by the securities regulatory authorities in each of the provinces of Canada other than Québec being issued for a final short form prospectus in connection with the Offering, no material adverse change will occur in Baylin's operations nor will any events occur that would trigger termination rights under the agency agreement with the Agents. The intended use of the net proceeds of the Offering by Baylin might change if the board of directors of Baylin determines that it would be in the best interests of Baylin to deploy the proceeds for some other purpose. The words "will", "expect", "may" and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Baylin.
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
SOURCE Baylin Technologies Inc.
For further information: Investor Relations: Kelly Myles, Marketing and Communications Manager, Baylin Technologies Inc., firstname.lastname@example.org