NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA.
Toronto, CANADA, November 22, 2016 – Baylin Technologies Inc. (TSX: BYL) (the “Company” or “Baylin”), is pleased to announce that it has filed a preliminary short form prospectus in connection with a proposed offering (the “Offering”) of common shares (the “Common Shares”) of the Company for aggregate gross proceeds of $5,000,000. The Offering will be priced in the context of the market. The Offering is being conducted on a best-efforts basis by Paradigm Capital Inc. and Raymond James Ltd. as co-lead agents (the “Agents”).
The Corporation 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 development of Baylin’s next-generation Macro Antennas will allow the company to leverage the full manufacturing capacities of its facilities in China and Vietnam, and seize a great new market opportunity” explained Randy L. Dewey, President and Chief Executive Officer of Baylin.
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 an additional 15% of the Common Shares sold under the Offering on the same terms as the Common Shares sold under the Offering.
The Company has obtained a receipt for the preliminary short form prospectus from the securities regulatory authorities in each of the provinces of Canada other than Québec. The Company has applied to list the Common Shares on the Toronto Stock Exchange (the “TSX”). The closing of the Offering is expected to occur on or about December 13, 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.
For further information contact:
Kelly Myles, Marketing and Communications Manager
Baylin Technologies Inc.
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.