Blackline Announces Closing of Bought Deal Private Placement and Full Exercise of Over-Allotment Option
October 22 2018 - 8:27AM
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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.
For more information please contact:
Cody Slater, CEOcslater@blacklinesafety.com
Blackline Safety Corp.Unit 101, 1215 13 Street
SECalgary, AB Canada T2G 3J4Telephone: +1 403 451 0327Fax: +1 403
451 9981www.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.
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