Calgary, Canada– August 15, 2022 – Blackline Safety Corp. (“Blackline“or the” society“) (TSX: BLN), a global leader in connected security, is pleased to announce that due to investor demand, it has amended the terms of its previously announced bought deal financing (the “placement“) so that the syndicate of underwriters (the “underwriters“) led by PI Financial Corp. has agreed to purchase, on a bought deal basis, 4,780,000 shares of Blackline common stock (the “ordinary actions“) at a price of $2.20 per common share (the “Offering Price”) for gross proceeds 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 after the closing of the offering, to purchase up to 15% additional common shares at a price per common share equal to the offering price If 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” simultaneous private placement“) had been increased from $12 million to $13 million of common stock (the” ordinary investment shares“) at the offer price.
The Company intends to use the net proceeds of the Offering and the Concurrent Private Placement for general corporate and working capital purposes.
The Offering and the Concurrent Private Placement are expected to close on or about August 31, 2022, and are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and 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 the IoT. Through connected security devices and predictive analytics, Blackline enables organizations to move towards zero security incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding security challenges and improve overall productivity for organizations with coverage in over 100 countries. Featuring 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, TwitterLinkedIn and Instagram.
INVESTOR/ANALYZER CONTACT
Cody Slater, CEO
[email protected]
Phone: +1 403 451 0327
MEDIA CONTACT
Shane Grennan, Chief Financial Officer
[email protected]
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 the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “plan”, “should”, “believe”, “plan”, “intend” and other similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains statements regarding the closing date of the Offering and the Concurrent Private Placement and the expected exemptions for the Concurrent Private Placement under NI 61-101. Although Blackline believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as Blackline cannot guarantee that they will prove to be correct. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. The closing date of the offering and the concurrent private placement may change and the exemptions referred to in MI 61-101 referenced herein may not be available to the Company. The forward-looking statements contained in this press release are made as of the date of this document, and Blackline does not undertake to publicly update or revise any forward-looking statements or information, whether as a result of new information, future or other events, except as required by applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction. The ordinary shares of
Blackline will not and has 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 United States person, in the lack of registration or applicable exemption in this regard.