Cody Slater

June 01, 2009 13:23 ET

Cody Slater: Acquisition of Shares of Blackline GPS Corp.

CALGARY, ALBERTA--(Marketwire - June 1, 2009) - Further to disclosure requirements of applicable securities laws, Cody Slater reports that on May 28, 2009 he purchased 1,250,000 units ("Units") of Blackline GPS Corp. ("Blackline") (TSX VENTURE:BLN) through a private placement transaction (the "Transaction") at a price of $0.20 per Unit. Each Unit is comprised of one common share (a "Common Share") and one-half share purchase warrant (each a "Warrant"). Each whole Warrant is exercisable to purchase one Common Share at a price of $0.40 for a period of two years from the date of the Transaction.

Prior to the Transaction, Mr. Slater beneficially owned and had control over 5,212,000 Common Shares, 1,855,000 Warrants and 1,134,808 stock options to purchase Common Shares of Blackline. Upon completion of the Transaction, Mr. Slater now beneficially owns and has control over 6,462,000 Common Shares representing 8.6% of the issued and outstanding Common Shares of Blackline on a non-diluted basis following the Transaction. On a fully diluted basis, assuming only the exercise of the Warrants and the options held by Mr. Slater, Mr. Slater would have beneficial ownership and control over 6,462,000 Common Shares, 2,480,000 Common Shares on the exercise of all of the Warrants held by Mr. Slater and 1,134,808 Common Shares on the exercise of the options held by Mr. Slater, or an aggregate of 9,451,808 Common Shares, which would represent 12.0% of the issued and outstanding Common Shares of Blackline.

Mr. Slater is not acting jointly or in concert with any person in connection with the ownership or control of Common Shares of Blackline. Presently, Mr. Slater does not have any intention of acquiring any further securities of Blackline, but may acquire ownership of or control over further securities of Blackline in the future depending upon market circumstances. Such increase in ownership will depend on numerous conditions, including the price of the Common Shares and general market conditions.

Contact Information

  • Cody Slater
    2204 - 32nd Avenue S.W.
    Calgary, Alberta T2T 1X1
    (403) 397-5300