- PERSONAL GAS DETECTION
- AREA MONITORING
- LONE WORKER
- GAS SENSORS
CALGARY, ALBERTA--(Marketwired - Feb. 6, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Blackline GPS Corp (TSX VENTURE:BLN) ("Blackline" or the "Corporation") is pleased to announce a non-brokered private placement offering of up to 2,600,000 units of the Corporation (the "Units") at a price of $1.15 per Unit for aggregate gross proceeds of up to approximately $2,990,000 (the "Offering"). Proceeds of the Offering will be utilized to further accelerate the Corporation's product development and sales growth plans as well as supplement its general working capital.
Blackline has aggressively invested in the creation of a broad portfolio of solutions for the Employee Safety Monitoring market place. The Corporation is currently completing its Loner 900 System that will bring real-time safety monitoring technology to industries where employees operate in remote locations where traditional cellular communication is unavailable and workplace risk levels are high or hazardous. Through this Offering, Blackline intends to advance the creation of new technologies, further enhancing its safety monitoring solutions and building Blackline's status as the preeminent leader of safety monitoring.
Each Unit issued pursuant to the Offering will be comprised of one common share of the Corporation (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share for a period of forty eight months following the closing of the Offering at an exercise price of $1.40 per Common Share.
In connection with the Offering, Blackline may pay 6% cash and 10% finders compensation warrants ("Compensation Warrants") on the gross proceeds realized by the Corporation from subscribers identified by certain arm's length finders. Each Compensation Warrant will entitle the holder thereof to acquire one Unit at any time prior to the date that is twenty-four months following the closing of the Offering at an exercise price of $1.15 per Unit. The Warrants issuable on exercise of the Compensation Warrants will have the same terms and conditions as the Warrants described above.
All securities issued in connection with the Offering are subject to a four month plus one day hold period.
Completion of the Offering is subject to final approval of the TSX Venture Exchange. A copy of this news release will be available at www.sedar.com
About Blackline: Blackline GPS is a wireless location leader that develops, manufactures, and markets products and services for worker safety monitoring, covert tracking, and consumer applications. Blackline solutions deliver safety, security, and location awareness through innovative wireless hardware and custom user interfaces, including web, mobile, messaging, and web services. Blackline's vision is to become the leading supplier of wirelessly connected worker safety monitoring and covert tracking products in the world. Blackline products allow customers to protect their personnel and valued assets, share the conditions of their environment, and connect with emergency services when necessary. Blackline solutions Protect. Share. Connect. ®
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ADVISORY: 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 participants in the Private Placement, the anticipated closing of the Offering, the anticipated size of the Offering, the anticipated use of the proceeds of the Offering and the anticipated availability of certain securities laws exemptions for 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 assurances 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 closing of the Offering could be delayed if Blackline is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned, the size of the Offering may be changed dependent on market conditions and other factors and the intentions of the parties disclosed herein to participate in the Offering may change. Accordingly, there is a risk that the Offering will not be completed as described herein or at all. The intended use of the 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. 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.