Baylin Technologies Inc. announced a private placement to issue up to 68,000 10% Cumulative Redeemable Retractable Series A Preferred Shares at an issue price of CAD 25 per share for the gross proceeds of up to CAD 1,700,000 on December 29, 2023. The transaction will include participation from returning investor 2385796 Ontario Inc. Subject to certain limitations and applicable law, dividends are payable in cash on a monthly basis at an annual rate of CAD 2.50 per share. At any time on and after January 1, 2025, the Company at its option may redeem, and the holder may require the Company to redeem, some or all of the Series A Preferred Shares then outstanding in cash at the Issue Price.

On December 31, 2028, the Company is required to redeem all Series A Preferred Shares then outstanding in cash at their Issue Price. The Series A Preferred Shares are non-voting.