VIQ Solutions Closes Oversubscribed Private Placement Financing

VIQ Solutions Inc. (“VIQ”, “VIQ Solutions” or the “Company”) (TSX and Nasdaq: VQS) today announces that it has closed a non-brokered, oversubscribed, private placement of 5,800,000 units of the Company (“Units”) at a price per Unit of US$0.31 for aggregate gross proceeds of US$1,798,000 (the “Offering”). Each Unit consists of one common share of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of US$0.31 per Common Share until June 30, 2024.

VIQ intends to use the net proceeds from the Offering to fund additional proprietary domain specific AI models, as well as for working capital and general corporate purposes.

The Units will be subject to a four-month hold period commencing on the closing date of the Offering pursuant to National Instrument 45-102 – Resale of Securities. The Common Shares, Warrants and shares issuable upon exercise of the Warrants are “restricted securities” under US securities laws and may not be resold except pursuant to an exemption from the US registration requirements.

About VIQ

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

For more information about VIQ, please visit viqsolutions.com.

Related Party Disclosure

The issuance of 1,583,333 Units under the Offering to Brad Wells constituted a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the formal valuation requirement and the minority shareholder approval requirement of MI 61-101 in connection with the insider participation in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the aggregate value of the insider participation does not exceed 25% of the market capitalization of the Company. The Company did not file a material change report in respect of the Offering at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.