Blackline Safety (TSE:BLN) has released an update.
Blackline Safety Corp. has announced a significant funding initiative, comprising a $20 million bought deal financing and a $10 million private placement, aimed at enhancing its equipment leasing program and advancing the application of AI to its extensive worksite data. The funds are also earmarked for general corporate and working capital needs, with the potential to increase total proceeds to approximately $23 million if an over-allotment option is fully exercised. This strategic financial move is designed to propel the company towards its goal of achieving positive quarterly adjusted EBITDA by the end of fiscal 2024.
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