Calgary, Canada — September 27, 2021 — 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.
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 159 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.
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 the closing date of the Offering.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 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.