Blackline Announces Closing of Underwritten Private Placement and Concurrent Non-Brokered Private Placement
Summary
Financial Corp. (collectively, the "Underwriters"), issuing a total of 3,500,000 common shares of the Company ("Common Shares") at an issue price of $3.00 per Common Share for aggregate gross proceeds of $10,500,000 (the "Brokered Private Placement").Blackline is also pleased to announce that, concurrent with the closing of the Brokered Private Placement, it also closed its previously announced non-brokered private placement to the Companys largest shareholder, DAK Capital Inc. ("DAK") (formerly DAK Investments Corp.), of an aggregate of 2,000,000 Common Shares at an issue price of $3.00 per Common Share for gross proceeds of $6,000,000 (the "Concurrent Private Placement" and, together with the Brokered Private Placement, the "Offerings").Blackline intends to use the net proceeds of the Offerings to support the development of the Companys manufacturing capabilities, the expansion of its international sales network as well as ongoing research and development and general working capital purposes.All securities issued in connection with the Offerings are subject to a four month plus one day hold period. Pursuant to MI 61-101, absent an available exemption, the Company would have been required to obtain minority approval and a formal valuation for the issuance of the Common Shares to DAK. Providing comprehensive live-monitoring and connected gas detection, we help teams working in hazardous environments respond to emergencies in real-time and manage efficient evacuations, accounting for everyones safety along the way. Our talented team of designers and engineers create and manufacture everything in-house from wearable technology and personal gas detectors to cloud-hosted infrastructure and web-based interfaces for global industry. The forward looking statement contained in this press release is made as of the date hereof and Blackline undertakes no obligations to update publicly or revise any forward looking statement 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.