TORONTO, June 18, 2021 /CNW/ - Mr. Jeffrey C. Royer, Chairman of the Board of Baylin Technologies Inc. (the "Company"), announced that 2385796 Ontario Inc. ("238") has converted all $8,692,000 principal amount of its 6.5% Extendible Convertible Unsecured Debentures (the "Debentures") of the Company and acquired 7,830,630 common shares of the Company. These common shares represent approximately 14.9% of the 52,587,556 common shares of the Company outstanding at June 4, 2021 before giving effect to the conversion of the Debentures. Before giving effect to the conversion, Mr. Royer exercised control or direction over 21,570,942 common shares, representing approximately 41% of the common shares outstanding at June 4, 2021.
After giving effect to the conversion, Mr. Royer exercises control or direction over 29,401,572 common shares, representing approximately 48.7% of the 60,418,186 common shares outstanding (at June 4, 2021 after giving effect to the conversion), and none of the Debentures.
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.firstname.lastname@example.org
Baylin is a leading diversified global wireless technology company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio-frequency products, terrestrial microwave products, and services. Baylin aspires to exceed its customers' needs and anticipate the direction of the market. For further information, please visit www.baylintech.com.
SOURCE Baylin Technologies Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2021/18/c7802.html