UPDATE - Blackline Announces Upsize to Bought Deal Offering
August 16 2022 - 10:47AM
Blackline Safety Corp. ("
Blackline" or the
"
Company") (TSX: BLN), a global leader in
connected safety, is pleased to announce that due to investor
demand, it has amended the terms of its previously announced bought
deal financing (the “
Offering”) such that the
syndicate of underwriters (the “
Underwriters”) led
by PI Financial Corp. has agreed to purchase on a bought deal basis
4,780,000 common shares of Blackline (“
Common
Shares”) at a price of $2.20 per Common Share (the
“
Offering Price”) for gross proceeds to the
Company 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 following the closing
of the Offering, to purchase up to an additional 15% Common Shares
at a price per Common Share equal to the Offering Price. In the
event that 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 "Concurrent Private Placement") had
been increased from $12 million to $13 million of Common Shares
(the "Placement Common Shares") at the Offering
Price.
The Company intends to use the net proceeds from
the Offering and Concurrent Private Placement for general corporate
and working capital purposes.
The closing of the Offering and Concurrent
Private Placement is scheduled to occur on or about August 31,
2022, and is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals including the
approval of the Toronto Stock Exchange and the 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 IoT. With connected safety devices and
predictive analytics, Blackline enables companies to drive towards
zero safety incidents and improved operational performance.
Blackline provides wearable devices, personal and area gas
monitoring, cloud-connected software and data analytics to meet
demanding safety challenges and enhance overall productivity for
organizations with coverage in more than 100 countries. Armed with
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, Twitter, LinkedIn and Instagram.
INVESTOR/ANALYST CONTACTCody Slater,
CEOcslater@blacklinesafety.comTelephone: +1-403-451-0327
MEDIA CONTACTShane Grennan,
CFOsgrennan@blacklinesafety.comTelephone: +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 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 and Concurrent Private Placement and the
closing date of the Offering and Concurrent Private Placement.
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 and Concurrent Private
Placement 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 and the
closing date for the Offering may be changed. 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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