Mr. Cody Slater reports

BLACKLINE ANNOUNCES STRATEGIC FINANCING TRANSACTION

Blackline Safety Corp. has completed a strategic private placement financing with an affiliate of the Lowy Family Group (LFG) for 3,091,190 common shares in the capital of the company at a price of $6.47 per common share. The company's largest shareholder, DAK Capital Inc., also acquired 1,078,834 common shares at a price of $6.47 per common share, for aggregate gross proceeds of approximately $26.98 million.

The Lowy family's investment business has a long history of investing in world-class public and private software companies, including those that provide integrated hardware and software. Many of these companies have grown significantly since LFG's investment. Beyond its investment expertise, the Lowy family bring decades of operating and capital markets experience, having managed the Westfield Group, one of the world's largest property companies, and raising tens of billions of dollars of debt and equity over the past 65 years.

Cody Slater, chief executive officer and chairman, Blackline Safety, said: "I am excited to welcome LFG as a shareholder of Blackline Safety and I am also pleased to have the continued strong support of DAK Capital. This strategic financing positions us for continued scalable growth in the coming years and further strengthens our balance sheet. We will invest in our cloud-based software and data platform, and systems to support our continued EBITDA growth in the global connected safety market. LFG has a track record of investing in growing software businesses and strong U.S. relationships, a benefit to our business as we continue to expand in that market."

Noah Lowy, chief investment officer of equities and credit at LFG, said: "We believe the portable gas detection market is at a pivotal juncture, rapidly transitioning to connected safety technology. Blackline Safety is uniquely positioned to lead this transformation with its technology platform, seasoned management team and loyal, global customer base. Blackline's unique business model -- encompassing high-margin software services, attractive unit economics and impressive customer metrics -- provides a strong foundation to build a multibillion-dollar company over time. This is an opportunity that is both exciting and underappreciated. We are thrilled to partner with Blackline as it redefines worker safety and capitalizes on the many growth opportunities ahead."

Proceeds from the offering will be used to finance investments in cloud-based software, data platform enhancements and scalability initiatives, including expansion of manufacturing for growing demand and the improvement of internal operating systems to strengthen margins. Additionally, funds will be allocated for debt repayment and general corporate purposes.

The common shares to be issued under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date.

Canaccord Genuity is acting as lead financial adviser to the company, and ATB Capital Markets is acting as co-lead financial adviser to the company.

Early warning disclosure

Pursuant to the offering, DAK acquired 1,078,834 common shares at an issue price of $6.47 per common share. After giving effect to the common shares acquired by DAK pursuant to the offering, DAK currently beneficially owns, or exercises control or direction over, 22,278,393 common shares or approximately 25.9 per cent of the issued and outstanding common shares (on a non-diluted basis) after giving effect to the issuance of the common shares pursuant to the offering, which is equal to DAK's approximate ownership of the company before giving effect to the offering. DAK acquired the 1,078,834 common shares described herein for investment purposes. DAK may increase or decrease its beneficial ownership or control over securities of the company as circumstances or market conditions warrant. DAK will file an early warning report, pursuant to National Instrument 62-103, in respect of its acquisition of common shares, and this report will be available on the company's SEDAR+ profile or by contacting DAK at 2700-10111 104 Ave., Edmonton, Alta., T5J 0J4, phone: 780-990-0505.

DAK is currently a related party of the company in accordance with Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. As such, the acquisition of common shares by DAK in connection with the offering is considered a related party transaction pursuant to MI 61-101. Pursuant to MI 61-101, absent an available exemption, the company would be required to obtain minority approval and a formal valuation for the issuance of common shares to DAK in connection with the offering. Such an exemption was available for the issuance of common shares to DAK pursuant to sections 5.5(a) and 5.7(a) of MI 61-101, respectively, because neither the fair market value of the subject matter of, nor the fair market value consideration for the transaction insofar as it involves DAK, exceeds 25 per cent of the company's market capitalization. The material change report in relation to the offering will be filed less than 21 days before closing of the offering as the company completed this transaction, shortly after the receipt of all regulatory approvals therefor, and the company wished to complete the offering as soon as was commercially feasible after such approvals were received.

About Blackline Safety Corp.

Blackline Safety is a technology leader driving innovation in the industrial work force through IoT (Internet of Things). With connected safety devices and predictive analytics, Blackline enables companies to drive toward zero safety incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software, and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with customers in more than 75 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 250 billion data points and initiated over eight million emergency alerts.

About Lowy Family Group

The Lowy Family Group is the private investment business and family office of the Lowy family with offices in New York, Los Angeles and Sydney. LFG is a multibillion-dollar global direct investment business with a long-term focus on listed equities, technology and real estate. In 1960 Sir Frank Lowy co-founded the Westfield Group which the Lowy family managed and built into one of the world's leading shopping centre companies. The Lowy family was the largest shareholder of Westfield until it was sold to Unibail-Rodamco, for $23-billion in June, 2018.

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