Blackline closes underwritten private placement
On April 12, 2017, Blackline Safety Corp. ("Blackline") announced that it closed its previously announced underwritten private placement through a syndicate of underwriters led by Raymond James Ltd. and including Lightyear Capital Inc., Beacon Securities Limited and P.I. Financial Corp., issuing a total of 3,500,000 common shares at an issue price of C$3.00 per share for aggregate gross proceeds of C$10.5 million.
Blackline intends to use the net proceeds of this private placement, as well as C$6 million in proceeds from its concurrent non-brokered private placement to its largest shareholder, DAK Capital Inc., to support the development of the company's manufacturing capabilities, the expansion of its international sales network as well as ongoing research and development and general working capital purposes.
Blackline Safety is a global connected safety technology leader, providing comprehensive live-monitoring and connected gas detection to help teams working in hazardous environments respond to emergencies in real-time and manage efficient evacuations, accounting for everyone's safety along the way.
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