Black Diamond Announces Closing of $42.38 Million Bought Deal Offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta, July 16, 2025 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (“Black Diamond” or the “Company”) (TSX:BDI, OTCQX:BDIMF) announces today that it has closed its previously announced “bought deal” public offering (the “Offering”) of common shares (“Common Shares”) through a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Genuity Corp., BMO Nesbitt Burns Inc., Acumen Capital Finance Partners Limited, Cormark Securities Inc., and Peters & Co. Limited. Pursuant to the Offering, the Company issued a total of 4,657,500 Common Shares at a price of $9.10 per Common Share for gross proceeds of approximately $42.38 million (which includes 607,500 Common Shares issued in conjunction with the exercise in full of the over-allotment option).
All of the net proceeds of the Offering (including the proceeds from the exercise in full of the over-allotment option) will initially be used to reduce indebtedness under the Company’s asset-based revolving credit facility, which may be subsequently redrawn to fund the following (in order of priority): capital expenditures; strategic acquisitions, including but not limited to acquisitions of businesses operating in the industries of modular space rentals, workforce accommodation, travel and travel technology; organic growth initiatives, including but not limited to acquisitions of modular space rental fleet assets and ancillary equipment and workforce accommodation rental fleet assets comprised of large format and small format camps and ancillary equipment; working capital; and for general corporate purposes.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws. In particular, this news release contains forward-looking statements with respect to the use of proceeds of the Offering and the Company’s indebtedness. Although Black Diamond believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on them because Black Diamond can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Black Diamond’s control, including, without limitation, the risk that Black Diamond will expend the net proceeds of the Offering in a manner different than indicated herein, 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 foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Black Diamond’s operations and financial performance are included in Black Diamond’s annual information form and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) and at Black Diamond’s website (www.blackdiamondgroup.com). Black Diamond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
About Black Diamond
Black Diamond is a specialty rentals and industrial services company with two operating business units - Modular Space Solutions (MSS) and Workforce Solutions (WFS). We operate in Canada, the United States, and Australia.
MSS through its principal brands, BOXX Modular, CLM, MPA Systems and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors.
WFS, through its principal brands, owns a large rental fleet of modular accommodation assets of various types. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turnkey operated camps to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors.
In addition, WFS includes LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America. The LodgeLink proprietary digital platform enables customers to efficiently find, book, and manage their crew travel and accommodation needs through a rapidly growing network of hotel, remote lodge, and travel partners. LodgeLink exists to solve the unique challenges associated with crew travel and applies technology to eliminate inefficiencies at every step of the crew travel process from booking, to management, to payments, to cost reporting.
Investor and Media Inquiries
Emma Covenden at 403-888-1666 or investor@blackdiamondgroup.com.
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