Blackline Safety announces $16.5M financing

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By CPE News

Calgary (pcJ News Briefs) – Blackline Safety Corp. (TSX-V: BLN) has engage Raymond James Ltd. as lead agent for a underwritten private placement of 3,500,000 common shares at $3.00 per common Share for gross proceeds of $10,500,000.

Blackline Safety intends to complete a non-brokered private placement with company’s largest shareholder, DAK Investments Corp., of 2,000,000 common shares at $3.00 per common share for gross proceeds of $6,000,000.

The offerings are expected to close on or about April 12, 2017. Completion of the brokered private placement is not conditional upon completion of the concurrent private placement.

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