CALGARY, Canada--(BUSINESS WIRE)--Blackline Safety Corp. ("Blackline" or the "Company") (TSX: BLN) a global leader in connected safety technology with a hardware-enabled software-as-a-service (HeSaaS) business model, is pleased to announce the completion of its previously announced bought deal short-form prospectus offering (the “Offering”) of common shares of the Company (“Common Shares”). The Offering was conducted through a syndicate of underwriters co-led by PI Financial Corp. and Raymond James Ltd. and included Canaccord Genuity Corp., National Bank Financial Inc., TD Securities Inc., Beacon Securities Limited, Echelon Wealth Partners Inc., Peters & Co. Limited and Lightyear Capital Inc. (collectively, the "Underwriters"). In connection with the Offering, the Company issued 5,480,000 Common Shares at an issue price of $7.30 per Common Share for aggregate gross proceeds of $40 million.
“Investment fuels growth and we’ve already seen the returns that can come from advancing efforts in growing our product portfolio and expanding into new markets,” said Cody Slater, Blackline Safety’s CEO and Chair.
“This injection of capital builds upon the Company’s strong financial position and will help accelerate our strategies and investments in product commercialization, sales and marketing.”
The Company expects that the net proceeds of the Offering will be used primarily to further strengthen the Company's financial position and allow it to accelerate its growth strategies and investments in product commercialization, sales and marketing, and for general corporate and working capital purposes.
In connection with the closing of the Offering, Blackline and the Underwriters have also agreed to terminate the over-allotment option granted to the Underwriters.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safely each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations with coverage in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of people, having reported over 161 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.