04:41 PM EDT, 05/22/2024 (MT Newswires) -- Blackline Safety ( BLKLF ) after trade on Wednesday said it is raising C$20 million in a bought-deal share offering along with a further C$10 million in a concurrent private placement.

The company, which makes internet-connected safety equipment, said it is selling an underwriting syndicate 4.95-million shares priced at C$4.05 each, while granting an over-allotment option of 742,500 shares should demand warrant.

It is raising a further C$10 million in a private placement of an unspecified number of shares to DAK Capital.

"The company intends to use the net proceeds from the offering and concurrent private placement to further its target to achieve positive quarterly adjusted EBITDA by the end of fiscal 2024 by adding capacity to its equipment leasing program based on strong demand for Blackline's hardware and services, as well as to support the application of artificial intelligence to its 225 billion points of customer worksite data, and general corporate and working capital purposes," it said in a release.

The company's shares closed up C$0.19 to C$4.42 on the Toronto Stock Exchange.