CALGARY, Alberta–(BUSINESS WIRE)–Blackline Safety Corp. (TSX.V: BLN), a technology company with recurring revenue and a strong working capital position, today announced the recent closing of a financing facility offer of $15 million with National Bank of Canada. The company worked with the Bank’s Technology and Innovation Banking Group, which offers specialized support to fast-growing technology businesses across Canada. This new credit instrument further increases Blackline’s financial flexibility beyond its current enhanced capitalized position following the closing of a Brokered Private Placement in September 2020.
“We’re pleased to partner with National Bank for this new chapter in our growth trajectory. This recurring revenue-based financing facility will provide Blackline with an even more flexible working capital strategy, ensuring that we are more prepared to scale our business and deploy connected safety and worker technologies to enterprises around the world,” said Shane Grennan, Chief Financial Officer of Blackline Safety.
“National Bank’s Technology and Innovation Banking Group is excited to partner with Blackline in support of its tremendous global growth story. This collaboration further demonstrates our unwavering commitment to Canada’s export economy and the opportunity to leverage Canada’s world class tech talent to build a stronger, more resilient economy,” said Irfan S. Daya, Managing Director of National Bank’s Technology and Innovation Banking Group for Central & Western Canada.
The financing facility consists of an operating line of credit of $15M with the borrowing base driven by Blackline’s monthly recurring revenue, providing Blackline with increased financial flexibility to support its day-to-day operations and continued global growth. As part of the financing facility, Blackline is partnering with National Bank of Canada for Canadian banking, including investments, foreign exchange transactions and operating accounts. The financing facility is secured, including by a general security agreement over the property of both Blackline Safety Corp. and its subsidiary Blackline Safety Europe Ltd.
About National Bank of Canada
With $332 billion in assets as at October 31, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. It has more than 26,500 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 100 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit www.BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
