Baylin issues shares to fund interest due on 6.5% convertibles

Chicago, July 2 – Baylin Technologies Inc. announced that it funded the interest due on its 6.5% convertibles notes with the issuance of 623,406 common shares, according to a press release.

The company issued 355,840 shares to noteholders that held 58.8% of the debentures, who had elected to receive common shares in lieu of cash.

Additionally, 267,566 common shares were issued through a private placement to 14 insiders, including C-suite, management and directors.

The common shares were issued at C$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.

The company is applying the proceeds from the private placement to pay the interest on the June 30 payment and, to the extent of any excess proceeds, the Dec. 31 interest payment.

Toronto-based Baylin is a wireless technology company.

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