Calgary, Canada — August 15, 2022 — Blackline Safety Corp. ("Blackline" or the "Company") (TSX: BLN) a global leader in connected safety, is pleased to announce that due to investor demand, it has amended the terms of its previously announced bought deal financing (the “Offering”) such that the syndicate of underwriters (the “Underwriters”) led by PI Financial Corp. has agreed to purchase on a bought deal basis 4,780,000 common shares of Blackline (“Common Shares”) at a price of $2.20 per Common Share (the “Offering Price”) for gross proceeds to the Company of approximately $10.5 million, representing an increase from the previously announced Offering of 3,640,000 Common Shares at the Offering Price for gross proceeds of approximately $8 million. The Company has granted the Underwriters an over-allotment option exercisable at any time up to 30 days following the closing of the Offering, to purchase up to an additional 15% Common Shares at a price per Common Share equal to the Offering Price. In the event that the over-allotment option is exercised in full, the gross proceeds of the Offering will be approximately $12 million.
On August 12, 2022 the Company also announced that the size of its previously announced non-brokered private placement (the "Concurrent Private Placement") had been increased from $12 million to $13 million of Common Shares (the "Placement Common Shares") at the Offering Price.
The Company intends to use the net proceeds from the Offering and Concurrent Private Placement for general corporate and working capital purposes.
The closing of the Offering and Concurrent Private Placement is scheduled to occur on or about August 31, 2022, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities, and the satisfaction of other customary closing conditions.
About Blackline Safety: Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT. With connected safety devices and predictive analytics, Blackline enables companies to drive towards zero safety incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with coverage in more than 100 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 185 billion data-points and initiated over five million emergency responses. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram. INVESTOR/ANALYST CONTACT Cody Slater, CEO firstname.lastname@example.org Telephone: +1 403 451 0327
Note Regarding Forward-Looking Statements This press release contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning the closing date of the Offering and Concurrent Private Placement and expected exemptions for the Concurrent Private Placement under MI 61-101. Although Blackline believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Blackline can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing date for the Offering and the Concurrent Private Placement may be changed and the noted exemptions under MI 61-101 stated herein may not be available to the Company. The forward looking statements contained in this press release are made as of the date hereof and Blackline undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Blackline will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.