Blackline Announces Closing of Bought Deal Private Placement and Full Exercise of Over-Allotment Option
October 22, 2018
Calgary, Canada – 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 led by Raymond James Ltd. and including Lightyear Capital Inc., PI Financial Corp. and Beacon Securities Limited (collectively, the “Underwriters“), issuing a total of 6,325,000 common shares of the Company (“Common Shares“) at an issue price of $5.00 per Common Share for gross proceeds of $31,625,000, which included the sale of 825,000 Common Shares pursuant to the full exercise of the over-allotment option granted to the Underwriters in connection with the Offering.
Blackline intends to use the net proceeds of the Offering to support the accelerated growth of its international sales network, to fund potential accretive acquisition opportunities as well as 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 6.5% of the gross proceeds of the Offering.
About Blackline: Blackline Safety is a global connected safety technology leader. Providing comprehensive live-monitoring and wireless gas detection, we help teams working in hazardous environments respond to emergencies in real-time and manage efficient evacuations, accounting for everyone’s safety along the way. With millions invested in technology research and development, Blackline Safety is recognized for quality and innovation. Our talented team of designers and engineers create and manufacture in-house — from wearable technology and personal gas detectors to cloud-hosted infrastructure and web-based interfaces for global industry. We deliver the world’s first turn-key, work-anywhere connected safety monitoring solution with gas detection, 3G wireless, satellite communications, two-way speakerphone, employee messaging and live monitoring to meet the demanding safety challenges of organizations in over 200 countries. For more information, visit www.BlacklineSafety.com.
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.
ADVISORY: 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.