BLACKLINE ANNOUNCES $20 MILLION BOUGHT DEAL FINANCING AND $10 MILLION CONCURRENT PRIVATE PLACEMENT
Summary
The Placement Common Shares will be subject to a statutory hold period.The Company intends to use the net proceeds from the Offering and Concurrent Private Placement to further its target to achieve positive quarterly adjusted EBITDA by the end of fiscal 2024 by adding capacity to its equipment leasing program based on strong demand for Blacklines hardware and services, as well as to support the application of artificial intelligence to its 225 billion points of customer worksite data, and general corporate and working capital purposes.The Common Shares issuable pursuant to the Offering will be offered by way of a short form prospectus to be filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, other than Quebec, pursuant to National Instrument 44-101 Short Form Prospectus Distributions, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended. The closing of the Offering and Concurrent Private Placement is scheduled to occur on or about June 12th, 2024, 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.In respect of the Concurrent Private Placement, DAK is currently a "related party" of the Company in accordance with Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). 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 225 billion data-points and initiated over seven million emergency alerts. 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.