Black Diamond Group Limited

Black Diamond Group Limited

March 17, 2010 08:48 ET

Black Diamond Group Limited Announces Closing of $25.33 Million Bought Deal Equity Financing

CALGARY, ALBERTA--(Marketwire - March 17, 2010) -


Black Diamond Group Limited (TSX:BDI) ("Black Diamond" or the "Company") is pleased to announce that it has closed its previously announced bought deal common share financing with a syndicate of underwriters led by Raymond James Ltd. and including BMO Capital Markets, Acumen Capital Finance Partners Limited, FirstEnergy Capital Corp., Peters & Co. Limited, CI Capital Markets Inc. and Clarus Securities Inc. At closing, a total of 1,344,000 common shares of the Company were issued at a price of $18.85 per common share for gross proceeds of $25,334,400, which included the full exercise by the underwriters of their over-allotment option to purchase an additional 144,000 common shares.

Black Diamond intends to use the net proceeds of the financing to fund its expanded 2010 capital expenditure budget, repay bank indebtedness and for general corporate purposes.


Black Diamond is an Alberta company, the principal undertaking of which, through its wholly-owned subsidiary, Black Diamond Limited Partnership, and through its 50% equity participation in Black Diamond Dene Limited Partnership, is to rent modular structures for use as workforce accommodation and temporary workspace, rent various types of oilfield equipment used in the exploration and production of oil and gas, and to provide complementary services including transportation, installation, dismantling, repair and maintenance of modular structures and oilfield equipment, as well as related services through three operating divisions consisting of Black Diamond Camps, BOXX Modular and Black Diamond Energy Services.

Reader Advisory

Certain information in this news release contains forward-looking statements including, without limitation, the anticipated use of proceeds of the offering. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Black Diamond's control including, without limitation, the receipt of all regulatory approvals and the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect Black Diamond's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( and at Black Diamond's website ( Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Black Diamond Group Limited
    Trevor Haynes
    President and Chief Executive Officer
    (403) 206-4737
    (403) 264-9281 (FAX)
    Black Diamond Group Limited
    Michael Burnyeat
    Vice President, Finance and Chief Financial Officer
    (403) 206-4740
    (403) 264-9281 (FAX)