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Blackline GPS Corp. Announces Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Calgary, AB – December 15, 2010. Blackline GPS Corp. is pleased to announce that it has arranged a brokered private placement (the "Private Placement") with Lightyear Capital Inc. ("Lightyear") of up to 26,666,666 units of the Corporation ("Units") at a price of $0.15 per Unit for aggregate gross proceeds of up to $4,000,000. Each Unit will be comprised of one common share of Blackline ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one Common Share for a period of twelve months following the closing of the Private Placement at an exercise price of $0.25 per Common Share. Lightyear will be paid a commission in connection with the Private Placement.
Proceeds of the offering are expected to be utilized for expanding the company's industrial safety and commercial business. Blackline is focused on expanding their core business directed within the category of industrial safety, allowing the company to capitalize on the demand for their industrial products.
Completion of the private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The Private Placement is expected to close on or about January 28, 2011.
Blackline Contact:
Clark Swanson, President & CEO
403 451-0327
