Blackline Safety closes $16.5M financing

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By CPE News

Calgary (pcJ News Briefs) – Blackline Safety Corp. (TSX-V: BLN) has completed previously announced brokered private placement of 3,500,000 common shares at $3.00 per common Share for gross proceeds of $10,500,000.

The underwriting syndicate is led by Raymond James Ltd. and included Lightyear Capital Inc., Beacon Securities Limited and P.I. Financial Corp.

Blackline Safety has closed a concurrent non-brokered private placement with company’s largest shareholder, DAK Capital Inc. formerly DAK Investments Corp., of 2,000,000 common shares at $3.00 per common share for gross proceeds of $6,000,000.

Blackline Safety intends to use the net proceeds to support the development of its manufacturing capabilities, the expansion of its international sales network as well as ongoing research and development and general working capital purposes.

photo credit: Blackline Safety