04:36 PM EST, 01/23/2025 (MT Newswires) -- Blackline Safety ( BLKLF ) said Thursday afternoon it completed a private placement of shares, raising about $26.98 million.

The company sold nearly 3.1-million shares to an affiliate of the Lowy Family Group and about 1.1-million shares to its largest shareholder, DAK Capital, at $6.47 per share.

The funds raised will be used for cloud-based software and data platform enhancements, expanding manufacturing capacity, improving operating systems, repaying debt, and general corporate needs, the company said.

Blackline shares closed up $0.04 to $6.80 on the Toronto Stock Exchange.