In The News - Press Room
Current and Past Press Releases from Blackline GPS
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Blackline GPS Corp. Closes Over-Subscribed $8.0 Million Private Placement
February 7, 2011 Calgary, Alberta – Blackline GPS Corp. (TSXV: BLN) ("Blackline" or the "Corporation"). As previously announced on December 14, 2010 and January 25, 2011, Blackline is pleased to announce that it has completed its brokered private placement offering of 53,333,333 units of the Corporation (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of approximately $8,000,000 (the "Offering"). Each Unit is comprised of one common share of the Corporation (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one Common Share for a period of twelve months following the closing of the Offering at an exercise price of $0.25 per Common Share. All securities issued in connection with the Offering are subject to a four month plus one day hold period.
Lightyear Capital Inc. (the "Agent") acted as the agent for the Offering. The Agent received a total cash commission of 7.0% of the gross proceeds raised pursuant to the Offering and agent’s options, being 10.0% of the Units issued pursuant to the Offering.
Proceeds of the Offering will be utilized for expanding the Corporation's industrial safety and commercial business.
Completion of the Offering is subject to final approval of the TSX Venture Exchange.
The Corporation is also pleased to announce that it has granted stock options to acquire 350,000 Common Shares of the Corporation to Dr. John Finbow in connection with his appointment to the board of directors. For further information on the appointment please refer to the Corporation's press release issued January 10, 2011, available on SEDAR. The options have an exercise price of $0.20 per Common Share and expire five years from the date of grant. All of the options vest immediately.
Blackline has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the grant of options (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
For more information please contact:
For Lightyear Capital:
Murray Weimer
mweimer@lightyearcapital.com
or
For Blackline GPS Corp:
Cody Slater, CEO
cslater@blacklinegps.com
