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CALGARY, Canada, Sept. 27, 2021 (GLOBE NEWSWIRE) -- 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 that it has entered into an agreement with a syndicate of underwriters co-led by PI Financial Corp. and Raymond James Ltd. (together, the “Underwriters”) to purchase on a bought deal basis, 5,480,000 common shares of Blackline (“Common Shares”) at a price of $7.30 per Common Share (the “Offering Price”) for gross proceeds to the Company of approximately $40 million (the “Offering”). 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 822,000 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 $46 million.
The Company currently 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 sales, marketing and product commercialization, and for general corporate purposes. The Common Shares 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 is scheduled to occur on or about October 19, 2021, 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
https://www.globenewswire.com/news-release/2021/09/27/2303940/0/en/Blackline-Announces-40-Million-Bought-Deal-Financing.html