Non-brokered offering sells 3,714,286 units with half-share warrants
By Devika Patel
Knoxville, Tenn., June 17 – Blackline Safety Corp. said that it increased a non-brokered private placement of units to C$6.5 million from C$6 million.
The company will now sell 3,714,286 units of one common share and one half-share warrant at C$1.75 per unit.
Each whole warrant will be exercisable at C$2.00 until Feb. 12, 2018. The strike price is identical to the June 10 closing share price.
Settlement is expected June 22.
Insiders, including DAK Investments Corp., are expected to participate in the deal, which priced on June 13.
Proceeds will be used for commercialization of a new suite of products and general working capital purposes.
The Calgary, Alta., wireless location company develops, manufactures, and markets products and services for worker safety monitoring.
| Issuer: | Blackline Safety Corp.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$6.5 million
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| Units: | 3,714,286
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| Price: | C$1.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Feb. 12, 2018
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| Warrant strike price: | C$2.00
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| Agent: | Non-brokered
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| Investor: | DAK Investments Corp.
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| Pricing date: | June 13
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| Upsized: | June 17
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| Settlement date: | June 22
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| Stock symbol: | TSX Venture: BLN
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| Stock price: | C$2.00 at close June 10
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| Market capitalization: | C$55.35 million
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