Blackline Announces Upsized $27.5 Million Bought Deal Private Placement
02 October 2018 - 11:46PM
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, in connection with its previously announced private
placement, Blackline and a syndicate of underwriters led by Raymond
James Ltd. (collectively, the "
Underwriters") have
agreed to increase the size of the private placement (the
"
Offering"). The Underwriters will now place, on
an underwritten private placement basis, 5,500,000 common shares of
the Company (each, a "
Common Share") at an issue
price of $5 per Common Share for aggregate gross proceeds of
approximately $27,500,000. In connection with the Offering, the
Company has granted the Underwriters an option, exercisable in
whole or in part at any time until 30 days after the closing date
of the Offering, to increase the Offering by up to an additional
825,000 Common Shares for additional gross proceeds of up to
$4,125,000.
The Offering is expected to close on or about
October 22, 2018 and is subject to the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange.
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.
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
closing date of the Offering and 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 closing of the Offering could be
delayed if Blackline is not able to obtain the necessary regulatory
and stock exchange approvals on the timelines it has planned.
The Offering will not be completed at all if these approvals are
not obtained or some other condition to closing is not
satisfied. Accordingly, there is a risk that the Offering
will not be completed within the anticipated time or at all.
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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