Blackline Announces Closing of $36 Million Bought Deal Private Placement Including Full Exercise of Underwriters' Option
September 2, 2020
CALGARY, Alberta - September 2, 2020 - Blackline Safety Corp. ("Blackline" or the "Company") (TSXV: BLN) is pleased to announce that it has closed its previously announced bought deal private placement (the "Offering") through a syndicate of underwriters co-led by Canaccord Genuity Corp. and PI Financial Corp., and including Raymond James Ltd., Beacon Securities Limited and Lightyear Capital Inc. (collectively, the "Underwriters"), issuing a total of 6 million common shares of the Company ("Common Shares") at an issue price of $6.00 per Common Share for gross proceeds of $36 million, which included the sale of one million Common Shares pursuant to the full exercise of the over-allocation option granted to the Underwriters in connection with the Offering.
“This injection of capital will enable us to accelerate the next phase of our growth as we develop new safety products and services while expanding further into connected worker technologies and data science,” said Cody Slater, CEO of Blackline Safety. “As businesses continue to transform digitally, Blackline will always be at the forefront of innovation, increasing organizations’ competitiveness, efficiency and overall quality through increased safety, situational awareness and proactive decision-making.”
Blackline intends to use the net proceeds of the Offering to undertake a series of programs, including:
- Accelerated investment in two new core products
- Accelerated investment in its cloud-based platform to dramatically enhance its ability to absorb data
- Expand its Blackline Vision Data Science offering and increase investment into its promotion
- Build new sales channels targeting new core vertical markets
- Explore opportunities for accretive growth through acquisition
- Other general corporate purposes
All Common Shares issued pursuant to the Offering are subject to a four month plus one day hold period. In connection with the Offering, the Company paid the Underwriters a cash commission equal to 6.0% of the gross proceeds of the Offering.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 120 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 anticipated use of the net proceeds of the Offering. 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 intended use of the net proceeds of the Offering by Blackline might change if the board of directors of Blackline determines that it would be in the best interests of Blackline to deploy the proceeds for some other purpose. 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.
Cody Slater, CEO
Telephone: +1 403 451 0327
Telephone: +1 904 398 5222
Cell phone: +1 386 216 9472