DAK Capital Inc.

June 01, 2009 13:23 ET

DAK Capital Inc.: Acquisition of Shares of Blackline GPS Corp.

CALGARY, ALBERTA--(Marketwire - June 1, 2009) - Further to disclosure requirements of applicable securities laws, DAK Capital Inc. ("DAK Capital") reports that on May 28, 2009 it purchased 5,000,000 units ("Units") of Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline") 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, DAK Capital beneficially owned and had control over 3,051,000 Common Shares and 1,192,500 Warrants of Blackline. Upon completion of the Transaction, DAK Capital now beneficially owns and has control over 8,051,000 Common Shares representing 10.8% of the issued and outstanding Common Shares of Blackline on a non-diluted basis. On a fully diluted basis, assuming only the exercise of the Warrants held by DAK Capital, DAK Capital would have beneficial ownership and control over 8,051,000 Common Shares and 3,692,500 Common Shares on the exercise of all of the Warrants held by DAK Capital, or an aggregate of 11,743,500 Common Shares, which would represent 14.9% of the issued and outstanding Common Shares of Blackline.

DAK Capital is not acting jointly or in concert with any person in connection with the ownership or control of Common Shares of Blackline. Presently, DAK Capital 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

  • DAK Capital Inc.
    Suite 1702, 10104 - 103rd Avenue
    Edmonton, Alberta T5J 0H8
    (780) 990-0505