EDMONTON, ALBERTA -- (Marketwired) -- 04/12/17 -- DAK Capital Inc. ("DAK") announces that on April 12, 2017 it acquired 2,000,000 common shares ("Common Shares") of Blackline Safety Corp. (the "Company" or "Blackline") at a price of $3.00 per Common Share, pursuant to a non-brokered private placement of Common Shares. The total consideration paid by DAK for the acquisition of the 2,000,000 Common Shares was $6,000,000. Additionally, DAK acquired 250,000 Common Shares pursuant to the exercise of 250,000 previously granted options to purchase an equal number of Common Shares at an exercise price of $1.25 per Common Share for total consideration of $375,000.
As at the date hereof, DAK holds 9,923,782 Common Shares (approximately 28.7% of the issued and outstanding Common Shares, on a non-diluted basis). Immediately prior to the acquisition of the aforementioned Common Shares, DAK owned 7,673,782 Common Shares, representing 26.6% of the then issued and outstanding Common Shares.
In addition to the foregoing, DAK also owns 2,006,282 Common Share purchase warrants ("Warrants") to purchase Common Shares. Assuming the exercise, in full, of the Warrants, DAK would own 11,930,064 Common Shares (approximately 32.6% of the then issued and outstanding Common Shares, on a non-diluted basis).
DAK acquired the Common Shares for investment purposes. DAK may, depending on market and other conditions, increase or decrease their ownership of Common Shares or other securities of the Company, whether in the open market, by privately negotiated agreement or otherwise. As the Common Shares were acquired by DAK from treasury pursuant, the requirements in Part 2 of National Instrument 62-104 - Take-Over Bids and Issuer Bids do not apply to the acquisitions.
Contacts:
DAK Capital Inc.
1702 - 10104 103 Avenue
Edmonton, Alberta T5J 0H8
(780) 990-0505
