Blackline closes C$36 million bought deal private placement

On September 2, 2020, Blackline Safety Corp. ("Blackline") announced that it closed its previously announced bought deal private placement through a syndicate of underwriters co-led by Canaccord Genuity Corp. and PI Financial Corp., and including Raymond James Ltd., Beacon Securities Limited and Lightyear Capital Inc., issuing a total of 6 million common shares at an issue price of C$6.00 per common share for gross proceeds of C$36 million, which included the sale of one million common shares pursuant to the full exercise of the over-allocation option granted to the Underwriters in connection with the offering.

Blackline intends to use the net proceeds of the offering to undertake a series of programs, including: an accelerated investment in two new core products; an accelerated investment in its cloud-based platform to dramatically enhance its ability to absorb data; expanding its Blackline Vision Data Science offering and increase investment into its promotion; building new sales channels targeting new core vertical markets; exploring opportunities for accretive growth through acquisition; and other general corporate purposes.

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Blackline Safety is a global connected safety leader that 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 in more than 100 countries.